The world is constantly evolving, bringing unexpected challenges that can impact our health, finances, and families. While we may not always have control over external events, we do have the power to take proactive steps to protect ourselves and our loved ones. One of the most effective ways to ensure stability and security in uncertain times is through careful estate planning.
Stay Prepared, Stay Protected
Just as we take precautions to maintain our health—such as following safety guidelines, maintaining social distancing when necessary, and prioritizing wellness—we must also take steps to protect our financial and legal affairs. A well-thought-out estate plan can provide peace of mind, ensuring that our wishes are honored and our loved ones are cared for, no matter what the future holds.
Key Questions to Ask When Reviewing Your Estate Plan
If you already have an estate plan in place, now is the perfect time to review it. If you don’t have one, it’s never too late to start. As you assess your documents, consider the following:
1. Does Your Will or Trust Reflect Your Current Wishes?
Your last will and testament and/or revocable living trust determine how your assets will be distributed after you pass away. They may also designate guardians for minor children or caretakers for pets. Over time, relationships, financial situations, and priorities change, so it’s essential to ensure your documents still align with your current intentions.
2. Are Your Chosen Executors and Trustees Still the Best Choices?
The individuals you select to manage your estate—whether as executors, trustees, or guardians—should be people you trust. However, life circumstances evolve. The person you originally appointed may have moved, become ill, or may no longer be the best choice due to personal or professional constraints. Ensure your selections are still capable and willing to take on these responsibilities.
3. Do Your Medical and Financial Powers of Attorney Reflect Your Needs?
A medical power of attorney allows someone you trust to make healthcare decisions on your behalf if you are unable to do so. Similarly, a durable financial power of attorney grants a trusted individual the ability to handle financial and legal matters on your behalf. Given potential restrictions on travel or accessibility, consider choosing someone who lives nearby and can act quickly if needed.
4. Is Your Advance Directive Up to Date?
Your advance directive, also known as a living will, outlines your preferences for medical treatment in case of a serious illness or incapacity. Reviewing this document ensures that your healthcare choices, such as life support preferences, align with your current beliefs. Additionally, make sure family members and medical providers have access to this document so they can honor your wishes.
5. Have You Updated Your Beneficiary Designations?
Certain assets, such as retirement accounts, life insurance policies, and payable-on-death accounts, pass directly to beneficiaries named on the accounts—regardless of what your will states. Review and update these designations regularly to ensure they match your overall estate planning strategy.
6. Do You Have a Comprehensive List of Important Accounts and Documents?
Creating an organized list of financial accounts, legal documents, and key contacts can greatly simplify matters for your loved ones. Be sure to include:
- Bank and investment accounts
- Real estate deeds and vehicle titles
- Digital accounts and passwords
- Insurance policies
- Contact information for attorneys, financial advisors, and medical professionals
Keeping this information easily accessible will help ensure a smooth transition in case of an emergency.
Take Action Today
If your estate plan is outdated or incomplete, now is the time to take action. Whether you need to make minor updates or establish a plan from scratch, doing so will provide security for yourself and your family.
Estate planning doesn’t have to be overwhelming. Many professionals offer virtual consultations, allowing you to receive expert guidance from the comfort of your home. Taking these steps now can help eliminate uncertainty and provide clarity for the future.
No matter what challenges arise, one thing remains certain: you have the power to take control of your future. Start today by ensuring your estate plan is in place and up to date, providing you and your loved ones with the protection and peace of mind you deserve.
