MAKING PLANS( continued)
5. Go see an attorney, preferably one who specializes in estate planning. If you don’ t have one or know of one to call, check with family, friends, or co-workers for recommendations.
6. Follow through on whatever actions are decided upon in the meeting with your attorney. Rely on the advice of your attorney and other professional advisors as you make your decisions.
7. Share your plans with others. Key documents are of little or no value if no one knows what they say or where to find them when they are needed. This is especially true for the person( s) you have designated to serve as your personal administrator / executor under your will or the trustee of your living trust. It’ s also important to give loved ones at least a general sense of what to expect, so that there won’ t be surprises later on.
Frequently asked questions
Do I need to have an estate plan? Yes. Regardless of the size of your estate, you still want what you have to go to those you love and care for and that your wishes are carried out. But a good estate plan does far more than that. It cares for you as well as your things. It grants a Power of Attorney for financial and health matters should you become incapacitated and states your wishes regarding final medical care. Your estate documents become a last expression of what you have valued in your life, expressed through a personal statement and by what you leave to whom. By being thoughtful and organized about your affairs, you will have left a final, loving gift to your family and friends.
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Do I need to see an attorney? Yes. Estate planning is a very complex area of the law and shouldn’ t be left to a one-size-fits-all arrangement. This is especially true when you have a combined family. What is best for your sister and brother-in-law is not necessarily best for you! While there is a cost involved in preparing your plan, it is modest compared to the value of having appropriate arrangements for your family, minimizing probate fees and costs, and possibly saving state and federal estate taxes.
How often should I update my plan? It is a good idea to update your plan every seven to 10 years. Some people have an annual checkup with their attorney. Certainly whenever there is a significant event in your life such as the birth of a child or grandchild, sale of a business, retirement, or death of a spouse or other loved one, you should review your plan for necessary changes.
What if I have a plan but want to change one thing? If your plan is fairly current, it is easy to make a change or two, such as adding a charitable beneficiary. Your attorney can prepare an amendment to your will( called a“ codicil”) or to your living trust. Many times this can be done quickly and for a nominal cost.
The information provided here is offered solely as general education information and is not intended to be a substitute for professional estate planning or legal advice. Because the laws of each state vary and your own circumstances are unique, you should seek the advice of your own attorney, tax advisor, and / or financial planner before deciding on a course of action and in creating your estate plan.