Protecting your most valuable asset — your family
FROM THE DESK OF
When ShouldYou Update An Estate Plan?
Creating an estate plan is a big step toward making sure your family members are taken care of after you pass away. Though difficult, you do need to take the step to build your estate plan. Failing to do so can leave your loved ones without the legal means to obtain what you wanted them to have. You can’t just make these plans and then forget about them. Instead, you will have to review them periodically to ensure they still reflect your current wishes. It’s a good idea to do this on a set schedule, such as every year or two. However, you might also need to initiate modifications if you go through certain changes in your life.
THEMOST IMPORTANT LEGAL AND FINANCIAL ACTIONS YOU CAN TAKE RIGHT NOW
contact person in case of an emergency. We like to prepare three documents in this category: advance health care directive, health care power of attorney, and the HIPAA Release (the privacy document). You must also clearly state who will be in charge of handling your affairs in the event of your death or incapacity. Even if you have done this already, I urge you to take out any existing documents now and review them. Have your circumstances changed? Do you have additions to make? If you are unsure whether your health care directive is in shipshape, then call us to take an expert look at them. CREATE A ‘PERSONAL RESOURCE MAP’: AN INVENTORY OF EVERYTHING THAT MATTERS You might think that only the very rich need to worry about making specific plans for their assets. But not so fast. Do you have investments or a retirement account?
As you already know, the COVID-19 pandemic means nothing is business as usual. It may feel too pessimistic to plan for the worst in the midst of a scary situation. However, that’s exactly why it’s the most important time to do so. Plus, since hopefully you are staying inside, you may actually have the time to dedicate to getting these tasks taken care of. Here are actions you can — and should — take to ensure you and your family are protected both legally and financially.
Asking yourself these questions might help you to determine whether it’s time to review the plan.
Have you gotten married or divorced?
Do you have a new baby or a new adult child?
Have you acquired or gotten rid of assets?
With each of our estate plans, we include a no- charge 3-year review to ensure that as our clients’ lives change, so does their estate plan. We also have annual membership programs for clients that desire evenmore service. Whether you participate in one of our membership programs or not, we keep all of our clients updated about changes in the law and issues that might affect their lives.
UPDATE YOUR HEALTH CARE DOCUMENTS
Above all, you first need to ensure that both you, your spouse or significant other, children over 18, and parents have advance care directives. This will be an invaluable reference point for those who are assisting you, whether they be friends, family, or medical professionals. This directive should include instructions on your preferred methods of care and the
To start protecting your family today, contact us!
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