Spotlight News’ article entitled “Estate Planning To-Dos” says that this may be an opportune time to create or review your estate plan. If you are not sure where to begin, look at these to-dos for an estate plan.
See an experienced estate planning attorney to discuss your plans.
The biggest estate planning mistake is having no plan whatsoever. The top triggers for estate planning conversations can be life-altering events, such as a car accident or health crisis. If you already have a plan in place, visit your estate planning attorney and keep it up to date with the changes in your life. If you haven’t started yet, book a call today.
Sign financial and healthcare powers of attorney.
Good estate planning considers the “what if’s” in life. These could include “What if I become incapacitated?” or “What if a loved on is sick or disabled?” Drafting a Durable Financial Power of Attorney and a Power of Attorney for Healthcare is an essential step to ensure you are well cared for and protected.
Sign a living will.
Living wills (sometimes called a Directive to Physicians) are written to provide legal instructions describing your preferences for medical care, if you are unable to make decisions for yourself. Advance care planning is a way for you to consider and express your wishes for care. Often these include discussions about quality of life, and when to accept palliative or hospice care. The Conversation Project can be a great resource is starting these discussions.
Record your last Will.
A will is one of the foundational aspects of estate planning, However, this is frequently the only thing people do when estate planning. A huge misconception about estate planning is that a will can oversee the distribution of all assets. A will is a necessity, but you should think about estate plans holistically—as more than just a will. For example, a modern aspect of financial planning that can be overlooked in wills and estate plans is digital assets. It is also recommended that you ask an experienced estate planning attorney about whether a living trust fits into your circumstances, and to help you with the other parts of a complete estate plan.
Review beneficiary designations.
Retirement plans, life insurance, pensions and annuities are independent of the will and require beneficiary designations. One of the biggest estate planning mistakes is having outdated beneficiary designations, which only supports the need to review estate plans and designated beneficiaries with an experienced estate planning attorney on a regular basis.
Contact our office to get started today!
Reference: Spotlight News (May 19, 2021) “Estate Planning To-Dos”