It’s the time of year for spring cleaning, and along with that, lots of hints and tips to make it easier and less overwhelming. Breaking it down into manageable tasks is usually the overall theme. What does this have to do with estate planning? Nothing except that instead of thinking about starting or updating your estate plan and this daunting and overwhelming task, let’s break it down into small tasks that can be accomplished in little time.
If you have just a minute, you can:
- Check that your beneficiaries on your insurance policies and investments are still the right individuals. If not, take immediate action with your insurance provider or financial advisor to update. See, that didn’t take long?
If you have 15-20 minutes, you can:
- Pull out your Living Will Declaration, Healthcare Power of Attorney, and General Power of Attorney paperwork to see if any need updates:
- Review your directions in your Living Will; are they still what you would want to happen? For example, do you want life-sustaining treatment, including artificially or technologically supplied nutrition and hydration, to be used or withheld if you are unable to make informed medical decisions AND are in a terminal condition or a permanently unconscious state?
- Review your Healthcare Power of Attorney. Is the individual you designated to make medical decisions for you if you can’t make them for yourself still the right person? If, for example, you listed your spouse in this paperwork but have since gotten divorced, do you want your ex to make medical decisions for you?
- Finally, review your General Power of Attorney (sometimes referred to as Financial Power of Attorney). Again, confirm that the individual you designated to manage your financial affairs if you are unable to do so is still the appropriate person.
By the way, if you do not have any of the above documents yet, that’s no problem. Schedule a meeting with me, and we can quickly draw them up for you.
If you have 30-45 minutes
- Review your will carefully to ensure everything is covered, from the distribution of assets to final funeral arrangements to plans for who will care for your pets. Do you need to make any changes? Remember, verbal promises to loved ones that contradict what is in your will are meaningless. Your will, even if out-of-date, will be followed as written. So if the will says your vintage automobile should go to your son, but you’ve since told your nephew he can have it — by law, the car will go to your son. You’ve set the stage for a possible family argument. If you have estranged from a named beneficiary, acquired significant assets not mentioned in the will, added family members, or gotten married or divorced since the will was created initially, there may be considerable disputes and problems for your loved ones. Now is the time to take action to update your will. The future is unknown to all of us; we don’t know what tomorrow will bring. Having a will that reflects your current situation and naming loved ones you genuinely care about is mission-critical. Procrastinating could lead to those you love not receiving assets you want them to have, or it could cause family feuds and delay distribution. I’m sure you don’t want any of that to happen.
If you discover your will needs to be updated, please don’t hesitate to contact me so we can rectify the situation together. Jot down what needs to be updated, and let’s get together.
If you don’t yet have a will, use this bit of time to think about your hard-earned assets and how you want them distributed to your loved ones if something happens to you. Note: if you die without having a will, which is called “dying intestate,” the state will take over and make all these decisions for you, and there is no guarantee they’ll make the choices you would have.
Just like whole-house spring cleaning, if you break it down into bite-size tasks, it can be easier to start and finish. Call me at 513-399-7526 or visit my website, www.davidlefton.com, to schedule a meeting to update or create your estate plan documents. I promise it won’t take as much time or effort as you might think, and you’ll have peace of mind knowing it’s all taken care of for your loved ones.