Right Now. If you’re reading this you have 15 minutes today to get your estate plan in tip top shape. Estate planning doesn’t have to be complicated or overwhelming. With just a few simple steps, you can ensure your plan is up to date and protects your loved ones. Here are five easy things you can do right now to give yourself peace of mind:
1. Review Your Will
Your will is the cornerstone of your estate plan. Take a few minutes to:
- Check if it reflects your current wishes.
- Confirm the names of beneficiaries and ensure they’re still accurate.
- Verify your chosen executor is willing and able to serve. Life changes, such as marriage, divorce, births, or deaths, can impact your will’s relevance. If you don’t have a will, now is the time to create one.
2. Update Beneficiary Designations
Many assets, such as retirement accounts, life insurance policies, and bank accounts, allow you to designate beneficiaries. These designations often override your will, so it’s crucial to:
- Ensure the listed beneficiaries align with your current wishes.
- Remove any outdated or unintended beneficiaries.
- Add contingent beneficiaries in case your primary choices can’t inherit.
3. Organize Important Documents
Make sure your loved ones can easily access critical documents when needed. Create a centralized file for:
- Your will, trust documents, and powers of attorney.
- Titles and deeds for property.
- Financial account statements and insurance policies.
- Consider using a secure digital vault or a fireproof safe to store these documents, AND let a trusted person know how to access them.
4. Check Your Powers of Attorney
A power of attorney ensures someone you trust can make financial or medical decisions if you become incapacitated. Confirm:
- Your financial power of attorney is current and names the right person.
- Your healthcare directive reflects your medical preferences and appoints a trusted agent. If these documents don’t exist, consult an attorney to draft them.
5. Communicate with Your Loved Ones
Having an estate plan is essential, but it’s equally important that your loved ones understand your wishes. Take some time to:
- Inform your family about the existence and location of your estate plan.
- Discuss your decisions regarding guardianship for minor children, division of assets, and medical care.
- Share your goals and intentions to minimize confusion and potential conflicts.
Final Thoughts
Estate planning isn’t a one-and-done task. It’s an ongoing process that should evolve as your life changes. By taking these five simple steps, you can ensure your plan remains effective and reflects your current needs and wishes. If you need help updating your estate plan or creating one from scratch, Jenkins Law Firm is here to assist. Contact us today to schedule a consultation!