Recently I hosted a workshop where we discussed several topics related to estate planning. Listed below are several important steps that everyone should take when it comes to ensuring your wishes will be carried out.
- Is your testamentary will up to date? Be sure that you update this document whenever major financial or lifestyle changes occur to best reflect your wishes. Pay special attention to review your named executors, beneficiaries, and trustees as appropriate.
- Have you granted medical power of attorney to a trusted individual? This person would be able to make important medical decisions on your behalf in the event that you were incapacitated.
- Similar to medical power of attorney, granting someone durable power of attorney for your financial affairs allows them to make decisions regarding your finances if you are incapacitated.
- Do you have a HIPAA authorization in place? These documents allow your medical records to be released if needed to a third party.
- Make sure all beneficiary designations are up to date. This includes any retirement accounts, insurance policies, or pension plans you might own. As a rule, always update your beneficiary designations after any major changes in your life such as the birth of a child/grandchild, divorce, loss of spouse, etc.
- If you have trusts, be sure that the trust records are easily accessible to those who would need them.
- Notify trusted family members where your important documents are located.
There is often a perception that estate planning is only for wealthy people, but this could not be further from the truth. Having a well-organized plan for how you would like your wishes carried out can relieve your family of stress during a difficult period. Please reach out to your financial and legal professionals if you have any questions or concerns regarding your own estate plan.
Cheers!