4 Steps to Spring Clean Your Life and Legal Affairs
Spring is in the air, and there’s no better time to refresh and rejuvenate your life. Cleaning up our personal and legal issues is just as vital as decluttering our houses.
Whether it’s organising paperwork, updating important documents, or simply taking an assessment of where you stand, spring cleaning your life can bring a sense of clarity and peace.
In this article, we will go over various measures to help you organise your life and legal matters. You’ll be ready for anything that comes your way.
Are you ready to declutter, organise, and revitalise both your personal and legal environment? Let’s get ready to ‘clean-up’ your finances and life!
4 Ways to Clean Up Your Life and Legal Affairs
Make or Update Your Will and Letter of Wishes
Your will is one of the most important documents you’ll ever create. It serves as a guide for the distribution of your belongings after your death. That being said, a lot of individuals put off creating or amending their will because they believe it can wait.
However, in the event that you die without leaving a will, your estate will be distributed according to a set of regulations called intestacy. These rules may not align with what you might want.
It may still be fine when you’re married and have children. In this case, your spouse will receive a part of the assets and the rest of the amount gets split up between your children. However, if you’re in a relationship but not married? Then they get nothing under this law. This can put your partner in a tough situation during a time of hardship.
This is where having a well-drafted will will be useful. It allows you to customise your estate plan to fit your particular situation and guarantee that your loved ones are taken care of in accordance with your intentions. A lawyer may assist in creating a will that precisely expresses your desires and guarantees that everyone you care about receives a fair share.
For instance, if you want your spouse or partner to benefit from your estate during their lifetime but ultimately have the assets pass to your children, you can set up trusts online within your will to make this happen.
You can draft a ‘letter of wishes’ in addition to your will. With this non-binding agreement, you may communicate more detailed wishes. When your loved ones are going through a difficult period, these little things may have a great impact.
Health and Welfare POA
As much as we love it, life can be a bit of a wild ride. Perhaps an accident occurs, or maybe age catches up with you a bit faster than you planned. Now, what happens to the decisions about your care?
This is where the health and welfare lasting power of attorney (LPA) comes in. If you are unable to make important choices about your health, it gives someone you can fully trust the authority to make them on your behalf.
Medical personnel may be compelled to rely on family members to make tough choices about your treatment if there isn’t a POA. Everything about you will have to be decided by them, including your place of residence, the kind of care you receive, and even your last hours.
When you think about it, isn’t it better to have a decision-maker you can rely on rather than leave everything up to fate? It also relieves a great deal of pressure from your loved ones during a difficult time.
Check Your Credit Report
Do you usually pay all of your bills on time, or have you maybe missed a payment or two? Regardless of how you make your payments, one of the most important aspects of your legal spring cleaning routine should be examining your credit report.
Every year, consumers are entitled to a free copy of their credit report from each of the three major credit-reporting companies. Why not use this to your advantage then?
Consider it a financial health check-up. With all of the recent credit and debit card data breaches, reviewing your credit report might help you identify any errors or indicators of identity theft.
Additionally, examining your report enables you to see any fraudulent activity that could be affecting your credit score. If you see anything, you can take action to report and fix the errors, keeping your finances in order.
Having a high credit score is quite important. It opens up more favourable interest rates, quicker loan approval processes, and even discounts on insurance. To make sure your financial journey is smooth, add this activity to your spring cleaning schedule!
Review Your Beneficiary
When was the last time you looked up the beneficiaries on your life insurance and retirement accounts? Although it’s easy to forget, going over these designations is an essential part of your legal spring cleaning routine. Making sure your main and secondary beneficiaries are set up will save you a great deal of trouble in the future.
First, take a look at the people you’ve named. Speak with your attorney if you have assigned a minor, a handicapped person, or just one person to handle your finances.
These situations often require special planning to ensure the funds are handled properly and benefit the intended recipients without causing any unforeseen issues.
It’s not just a formality to review your beneficiary designations—it’s also a way to make sure your loved ones are cared for in accordance with your preferences. You can keep your assets safe and give your family peace of mind by taking the time to examine and amend these designations.
To Sum Up
Tackling these legal issues head-on is similar to organising a cluttered basement. Even though it can appear to be intimidating at first, the outcome will be worthwhile.
Your spring cleaning regimen is the first step towards a future that is safer and more organised. Doesn’t it feel good to take charge of your financial well-being and give your loved ones the clarity they need?
