Many people are worried about money and trying to cut costs. However, estate planning is not an area to ignore. Now is the perfect time to create or update your estate plan.
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There are so many issues that can arise as it relates to your estate plan.
While we may be tempted to put off estate planning, it can be detrimental to our family.
No matter your assets or whether money is tight, there are still essential situations to plan for. We have had a lot of recent requests and questions about situations unrelated to finances.
For example, do you have children? If so, is your estate plan up to date regarding their guardianship? If something were to happen to you or you and your spouse, who will be caring for your children? If you don’t have appropriate documents in place, this critical decision will be left up to the courts. Make sure this is updated, as relationships and living situations change frequently.
Also, if you have elderly parents, encourage them to update their documents and ensure their interests are protected in the event they are incapacitated. We can help them walk through their existing documents to make sure they are still comfortable with the language. We can also help draft new documents or update any that require changes.
You also need to consider your property and how that property is held legally. Do you have a timeshare? If you were to die, will the timeshare pass to your children, including all debts associated? We can help you plan for this to protect your children.
Finally, it is essential that you know who will be in charge if something were to happen to you. If you were to have a stroke, if your Medical Durable Power of Attorney up to date? Are the right people aware of where to find your estate planning documents? Is your Durable Power of Attorney correct in the event you are incapacitated?
Make sure that these documents are up to date and are serving your interests.
Life moves quickly. Relationships change and so do finances and interests. It is essential that you have an estate plan and that your estate plan is updated as necessary to reflect your current wishes.
Contact us today to help you get the right documents in place or to update your current estate plan.
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