Did you know that National Estate Planning Awareness Week serves as a timely reminder to think about the future? This review is not just for you and your immediate loved ones, but also for the security of your business, your legacy, and future generations. Whether you are just beginning to create an estate plan or you have had one in place for years, this week offers an excellent opportunity to ensure your wishes can be honored, your assets protected, and your family provided for in the way you want them to be both now and in the future.
First and foremost, estate planning is not just about creating a last will and testament. Instead, it is about crafting a comprehensive plan with an estate planning attorney you trust that addresses life’s many uncertainties. When you choose to take the time to review your estate plan each year, it can help you catch potential oversights, plan for incapacity, and make changes based on your own unique circumstances.
When you choose to work with an experienced estate planning attorney, you can ensure your plan reflects your current circumstances and provides the best protection for your loved ones. Let us share a few tips that we share with our clients, friends, family, and professionals during National Estate Planning Awareness Week and throughout the year:
1. Review and update your estate plan. Estate planning is not a one time event. Instead, it is a lifetime commitment to yourself and those you love. If you have already established an estate plan, this week is the perfect time to revisit it. We all know life changes and events such as marriage, divorce, the birth of a child, or acquiring new assets, may require updates. Regular reviews with your estate planning attorney can help keep your plan aligned with your goals.
2. Ensure all key legal documents are current. A last will and testament alone is not enough for comprehensive estate planning. This week, make sure that your powers of attorney for healthcare and finances, living wills, and any trust agreements you have established with your attorney are up to date. These documents are crucial for ensuring that your medical and financial affairs are handled according to your wishes should you become incapacitated.
3. Plan for incapacity as early as possible. Estate planning is not just about what happens after your death, it is also about planning for the unexpected. Ask your experienced estate planning attorney what she recommends to ensure you have named trusted individuals who can step in and manage your affairs if you are unable to do so.
4. Evaluate whether a trust agreement is right for you. Trust agreements can offer significant benefits, such as avoiding probate, reducing taxes, and providing greater control over how and when your assets are distributed. If you have not yet considered establishing a trust agreement, now may be the time to explore whether it is the right tool for your estate plan with your attorney. Trust agreements may also allow you to address long-term concerns like caring for minor children or beneficiaries with special needs.
5. Organize your estate planning documents. It is essential that your estate planning documents are easily accessible in a crisis. Ask your attorney what she recommends, but then make sure your originals are protected. You may also want to let your attorney know who has copies, or ask her advice, if you choose to share them.
6. Choose to work with an experienced estate planning attorney. Estate planning laws and requirements can be complex and do change over time. An experienced attorney can guide you through the process, help you avoid costly mistakes, and ensure that your estate plan is up to date and legally sound.
We are prepared to help you navigate these complex issues with empathy and expertise. Estate Planning Awareness Week is the ideal time to ensure your estate plan reflects your current needs and future goals. We encourage you to not wait to secure your future. Instead, start now and build an estate plan that truly protects what matters most.
We know that effective communication with your virtual attorney is key to a successful legal experience. By following these tips, you can ensure clear, efficient, and secure interactions, making the process smoother and more productive for both you and your attorney. We aim to help you feel secure about these things with good estate and long-term care planning. Get in touch with us to chat more about this!
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