Estate Planning in Changing Times

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.

WERE 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.