As 2019 gets started, it is a wise idea to consider whether your estate plan is still sufficient for your various goals. While it might be an uncomfortable thing to think about, none of us will be here forever. Make sure that your estate plan is properly written so that when you do need it, your goals will be met. The following will discuss some important things that you should consider regarding the contents of your estate planning documents.
Durable Power of Attorney
Durable powers of attorney for things like finance, health care, and property are important. In creating these documents, you will select a trusted individual who can make decisions and take actions on your behalf concerning these issues. Failure to properly write these documents might mean that if a sudden medical emergency happens to you, your surviving family and loved ones will not be able to make important decisions regarding what medical care you receive as well as how your assets are handled.
It is critical to constantly update beneficiary designations as various life changes including deaths, changes in the family, and relocation occur. While some people focus on just reviewing beneficiary designations on all of their assets, it is also important to make sure that beneficiary designations in estate planning documents are also adequately updated to reflect any changes that occur.
Living trusts must be properly created so the assets can be transferred in the desired manner. The directions contained in these trusts will control how assets are dispersed in the event that you pass away. Many people finds trusts more advantageous than other types of estate planning documents because trusts are not required to pass through probate court, which can both be expensive and time consuming. There is also a risk that if a trust passes through probate a court, a person’s final wishes will not be satisfied.
While the world becomes increasingly more reliant on technology, it is important to make sure that your loved ones have access to digital files, passwords, and encrypted files in case something happens to you and you are not able to share this information. Unfortunately, many people fail to share these details with others. In some situations, this means that a deceased person’s survivors are unable to access important information. The best way to avoid this problem is to take every opportunity to make sure that your loved ones know these details and stay up to date in case you decide to change your password.
Speak with an Experienced Estate Planning Lawyer
If you have questions or concerns about the estate planning process, you should not hesitate to speak with an experienced estate planning attorney like Jim A Lyon. Attorney Lyon has helped many people create a number of different types of estate plans over the years and he knows what it takes to make sure that your wishes are fulfilled. Contact attorney Lyon’s office today to schedule a free case evaluation.