National Estate Planning Awareness Week: October 20-26, 2014 — 5 reasons to review your estate plan right now!
It’s National Estate Planning Awareness Week. Autumn is a great time of year to plan your estate. Here’s 5 reasons why you should not let time slip away. Review your existing estate plan for your family and chosen beneficiaries NOW! Time is ticking away to provide certainty and security to those that mean the most to you.
1. The holidays will sneak up on us within 30 days. The next 45 days are just enough time to get focussed, plan, make an appointment with a probate lawyer who provides estate planning services, and get your estate plan in place. Once Thanksgiving hits, we all know that the end of the year is busy. So don’t delay. You can do it: be focussed and concise.
2. Avoid the rush to April 15. Everyone reviews their finances before the tax man says we have to pay: April 15, 2015. So why put it off? Do it now. You are going to review your taxes, income and finances before your income tax is due, anyway, so get a jump start on your money and wealth. Review “who” gets “what” right now. How do your finances fit in with your estate plan? Count the dollars and donuts and divide them now !
3. Certainty and Security. Get peace of mind knowing that your loved ones were thought of ,and will hopefully be taken care of if something happens to you. Provide the certainty and security they need if you are not around. Is there a trust set up for your loved ones? Family business going into the right hands? 529 College Plans or tuition funds set up for when the kids go to college and grad school. Enough life insurance or cash on hand when you die? Are the IRA and retirement plan beneficiary designations correct and up to date? (Better look again…)
4. Estate Planning is not just for death any more. Remember: estate planning is not only about a will or a revocable or living trust when you die. Who will manage your money if you are incapacitated? Who will make health care decisions for you if you can’t? Are your wishes for your medical treatment spelled out? If there is a guardianship proceeding or someone attacks your wealth or will or trust, who do you want in charge? Power of attorney? Health care proxy? Living will? Successor trustee provisions?
5. Quick & Easy. No longer are estate plans, family trusts, powers of attorney and revocable living trusts for celebrities or the wealthy. Trusts and estate plans are affordable, quick to produce (or write or prepare), easily understood and widely accepted. Probate lawyers use drafting software , and computer programs and “plug in” the names, and specifics. No excuses. Do it for you loved ones, heirs and beneficiaries. Some of them may even be your family !