Estate Planning
Having a well thought out estate plan in place protects you, your loved ones, and your assets. Although most people are aware of that, a surprising number of them do not have a plan in place. If you are among them, now is the time to finally sit down and get started on your estate plan.
Making the Most of your Will.
When you think about your Last Will and Testament you probably focus on decisions related to the distribution of your estate after your death. While the division of your estate can be accomplished using your Will, that may not be the most important aspect of creating a Will. What you may not know, is that your Will offers you the only opportunity you will have to name a Guardian for your minor children in the event one is ever needed. If it becomes necessary to appoint a Guardian, a judge will make the decision who to appoint; however, if you have nominated someone in your Will, and the individual appears competent and willing to accept the position, a judge will almost always honor your wishes.
Honoring your end-of-life wishes.
As difficult as it may be, you need to plan for these things yourself. Executing a living will allows you to appoint someone of your choosing to make healthcare decisions for you if you are unable to make them yourself at some point in the future. You can also make end-of-life medical decisions now, such as whether you wish to authorize or refuse the use of life-sustaining equipment. Funeral and burial planning also lets you decide ahead of time how your body will be handled after your death and what type of funeral service you wish to have.
Estate Planning Checkup
Do you have a Will?
If you have minor children, do you have a current Will which names Guardians?
If you have a Living Trust, have you transferred your assets into it?
In case you become disabled, have you nominated someone to handle your financial affairs?
Do you have a current Health Care Power of Attorney that provides the names, addresses and telephone numbers of your designated agents to handle your medical care if you’re disabled?
Do you have provisions in your Trust or Will that address the issue of death taxes?
If you want to make gifts to charities at your death, are they clearly set forth in your planning documents?
Do your planning documents clearly set forth how your personal property will be distributed at your death, including the care of any surviving pets?
Since you signed your planning documents, have you changed your mind about any aspect of the plan?
Has the value of your assets substantially changed since you signed your planning documents?
Have you substantially changed the kind of assets you own since your planning documents were signed?
Have you recently been married, divorced or widowed since your estate planning documents were signed?
Have you had children since your estate planning documents were signed?
Have your children had children?
Have any of your children been married, divorced or died since your planning documents were signed?
Have you, your spouse or child become physically or mentally incapacitated since your planning documents were signed?
Have you bought or sold a house or other piece of property since your planning documents were signed?