There is great uncertainty today, and things that we didn’t give much thought to suddenly come to the fore. One of those issues can be your estate plan.
If your like most people, you have given little attention to your estate plan, but you want to take care of those you love should something happen. We’re here to help you.
If you have an estate plan, you should probably review some of the documents to determine whether they should be updated.
REVIEW YOUR WILL. A typical estate plan includes a Will and a Trust. They should operate together. If you have only a Will, and you think that is sufficient, you may want to read our Advisor entitled, “Is A Trust Right For Me?”. If you are satisfied that you don’t need a Trust, be mindful that your Will must be probated, and that can take years to process and be costly in filing fees and attorneys’ fees. But read over the Will and make sure it captures your desires for the disposition of your property. If you would like to include a Trust in your estate plan, let’s have a discussion. You can make an appointment by clicking here.
REVIEW YOUR TRUST. If you have a Trust, you should review it. Do you need to update your beneficiaries and how they are to receive the property? Will they receive the trust property outright or in trust? Are the beneficiaries minor or adults? The answer to any of these questions can potentially affect your intent as it relates to your estate plan. For instance, it may be that you made your Trust, your beneficiaries were children, and now they are adults. Does that change things for you? Do you have grand children that you didn’t have?
Have you funded your Trust with your assets? If you have not funded your Trust then you will not be able to avoid Probate Court. For instance, many people intend to put their house or their car into their revocable trust, and forget to do it. This is a great time to give some thoughts to these issues. If you would like to amend your Trust, contact us by clicking here.
REVIEW YOUR DURABLE POWER OF ATTORNEY. A Durable Power of Attorney allows someone you trust to take actions in your stead if you are unable to do so. Again, if significant time has passed since you executed your Durable Power of Attorney, you should review it to see whether it still reflects your wishes. If you don’t have a Durable Power of Attorney, or you want to change the one you have, you can request one by clicking here.
REVIEW YOUR ADVANCED HEALTHCARE DIRECTIVE. The Advanced Healthcare Directive allows you to make decisions now about the type of treatment you will receive at the end of your life, and what will be done with your remains. This is probably the most personal of all Estate Planning Documents. If you have an Advanced Healthcare Directive, you should review it. If you don’t have one, you can request one by clicking here.
WE’RE HERE TO HELP. If you would like to amend your Estate Plan, or you don’t have an Estate Plan and want to start, click here to set up an appointment. We offer a free initial consultation, and flat-fees for most Estate Plans.
In these troubling times, we want to help you with your peace of mind.