Top Estate Planning Things to Do Before the End of This Year
Even though it is only mid-year, the year’s end will be here in a flash. Nevertheless, there is still time to accomplish some important estate planning goals. Here is your list of the top things to do before the end of this year to give yourself the peace of mind you deserve.
Execute your Estate Plan: If you have not yet taken care of yourself and your family by executing a will, trust, power of attorney, and health care documents, make a point to get it done. Ask around for a referral to a trusted attorney who can walk you through the difficult decisions on how to divide your estate, who will be guardian of minor children, and who should be your executor or trustee. If you avoid making these choices, state laws and the courts will make them for you.
Update Your Existing Plan: Spend time considering how your life has changed since you executed your estate plan. If there are changes in your family, finances, or tax laws, or different people should be named to act on your behalf, it is time for an update.
Update Health Care Documents: Every adult should have a Durable Power of Attorney for Health Care giving another person legal authority to make health care decisions in a time of need, as well as HIPAA authorizations that give doctors the right to discuss a person’s medical care with others. Review who you named as your decision-maker and decide whether to update these critical documents.
Review Guardians for Minor Children: Consider whether the named guardian for your minor children is still the best choice. As your children age, or circumstances change, your choice of who should assume their care may also change. If you have not named a guardian, or the named person can/will not serve, a court will decide who will raise your children for you.
Talk to Your Loved Ones About Your Estate Plan: In general terms, talk with your children and other loved ones about the “what” and “why” of your planning. The more your loved ones understand your choices, the more likely they will be to accept what does, and what does not, happen once you pass.
Unmarried Adult Children Need Estate Planning, Too: Once children turn 18, they should have basic planning documents in case of an emergency. At a minimum, adult children should have a Durable Power of Attorney for Health Care and HIPAA authorizations; you should discuss a springing general power of attorney in case of incapacity; and, you should contemplate their need for a simple will. If any of these contingencies is needed, everyone will benefit from the planning.
There is plenty of time left in 2016 to complete this short list of essential estate planning tasks. We can help you get started with a complimentary consultation to prioritize your concerns and goals so you can end the year knowing you and your family are prepared for the year ahead.