Estate planning is rarely as easy as people think it will be. Even after appointing the trustee of an estate or a personal representative, there are often other nuanced decisions that must be made about how your estate plan should be handled. Failure to properly address these challenges now could lead your loved ones to face countless obstacles after you pass away or become incapacitated. Fortunately, by completing some additional assignments now, you can avoid many of these obstacles. The following reviews just some of the strategies that you can follow to achieve your estate planning goals.
Sign Any Documents You Can Now
You should make sure you have signed all of the documents signed by your bank and financial lender that you can now while you are fully competent. Even when power of attorney documents are involved, a person is still required to sign these documents. Signing these documents now increases the odds that the distribution of your assets will proceed as smoothly as possible after you pass away and that your loved ones will receive assets as quickly as possible. Beneficiaries, however, should still be prepared to wait at least six months and often as long as a year before an estate can be closed and assets distributed.
Make Sure All Account Requirements are Satisfied
Be careful to review any financial or end of life accounts to make sure the associated requirements are satisfied. For example, long term care insurance often requires a release before a representative can pursue a claim. Additionally, funeral plans often require a person to sign an authorization for final disposition of last remains, which addresses how a person’s remains should be laid to rest as well as what rituals or events should be held in honor of the person’s passing.
Remove Your Name From Mailing Lists
One of the most overlooked end of life tasks that can greatly save time for your loved ones is removing your name from all of the catalogs that you receive. This matter is often made even more complex because companies sell these lists to other advertisers, which can lead to a person receiving a great deal of mail. While this might seem like an insignificant task, your loved ones will greatly appreciate your ability to complete this task while you are still alive instead of leaving them to handle it after you have passed away.
Review Your End of Life Plan With Your Attorney
Based on your individual financial accounts as well as other unique details about your estate plan, it is a good idea to speak with your lawyer about the nuanced decisions surrounding the end of your life. Through adequate forethought now, you can make matters substantially easier for your loved ones after they endure the difficult process of losing you.
Speak With a Compassionate Estate Planning Attorney
The estate planning process is complex, but an experienced estate planning lawyer knows what it takes to make sure that your various goals are achieved. Contact attorney Jim A Lyon today. During a free case evaluation, attorney Lyon can discuss your available options to achieve each of your estate planning goals.