We recently discussed the fact that you need to reevaluate your estate plan if you go through a divorce. However, what if you don’t have one yet? In that case, you should get your estate plan started today.
Many people think that estate planning is going to be a long and difficult process. This isn’t necessarily true. Certainly, there are some decisions that you will have to make, but that is often the most difficult part of the process.
Another misconception is that your estate plan is just a list of assets and how you want those divided. This is one major component of the plan, but there are others to think about.
You will need to make plans for your finances and health care in the event that you can’t make those decisions yourself later. In order to do this, you will need to designate powers of attorney to those who can make decisions in each of these areas. These people should be close enough to you to know your wishes but also able to put their feelings aside and do what you would want done.
We understand that there are likely some questions that you have about this process and how to cover your wishes. We can discuss your wishes with you and help you to find the options to convey these in your estate plan.
Once you do get the plan made, you do need to revisit it at least annually, as well as when you have major changes in your life. This gives you the chance to ensure that everything is still set up how you want it to be. We can help you with creating and revamping your estate plan as necessary.