We all know that some of the daily, weekly, and monthly designations, such as International Clown Week (always the 1-7 of August), National Catfish Month (all month!) and National Potato Chip Day (August 19th), are mostly for fun. But did you know it is also National Make-a-Will Month? Probably not. While I couldn’t find information on when this began, I can tell you that sometimes I wish every month was National Make-A-Will month.
Only about 50% of adults in the U.S. have a will, and of those who do, I wouldn’t hazard a guess at how many have wills that are woefully out of date. We have all read the celebrity horror stories of what happens when someone, especially someone very wealthy such as Prince, dies without having a will.
So, for those of you with an estate plan, take a few minutes to review your will, beneficiary designations, power-of-attorney documents, and more right now, in August. It won’t take long; a glance will tell you if anything needs to be updated. Ask yourself, “If something happened to me today, do my estate planning documents reflect my wishes?” If not, DO NOT PUT THE PAPERWORK BACK IN THE FOLDER TO DEAL WITH LATER!!! Schedule a meeting with an estate planning attorney right away to get those changes incorporated.
Here are things to check right now:
- Beneficiary designations (Are they still the individuals or charities you want?)
- Is the individual you appointed to make financial or medical decisions for you if you become incapacitated still the right person? (Here is a tip: If you have divorced, you probably don’t want your ex-spouse making financial decisions for you.)
- Are the specific bequests you originally included still what you want, or should they be changed? (For example, bequeathing your vintage Corvette to your grandson, who sadly has become drug-dependent, may no longer be a good idea)
Estate planning is more than just a will, but it is a good place to begin if you don’t have one. If it is time to update your plan, please call me. If you don’t have a will, please call me. Your loved ones will appreciate your time and attention to ensure things will go smoothly, without confusion, should something happen to you. I can be reached at 513-399-7526 or visit my website, www.davidlefton.com. You can schedule time with me from there.
I look forward to hearing from you.