Many of us have a little extra time on our hands these days, which allows us to spend more time with family and a unique opportunity to consider what estate planning we need in place to protect ourselves and our loved ones. Maybe you have estate planning in place but much has changed since it was prepared and you should make some changes. Generally, you should review your estate plan for necessary updates every three to five years but this is an especially good time to review your plans and needs with your family.
Whether you have estate planning in place that you need to review or you are just starting, the documents you should focus on include a will, financial power of attorney, healthcare power of attorney, medical directive, and revocable trust agreement.
The issues you need to focus on so you are ready to meet with an attorney to prepare your estate plan or revise your existing plan include a list of your assets and the names of those who will make financial and medical decisions for you, control your estate, and care for your minor children, if you are unable, as well as who will inherit which of your assets. Think about what needs to be in place so your children are cared for physically and financially, the latter can be structed into your trust agreement so that your children can be cared for many years into the future.
Changes to existing estate planning is also necessary following a change to the substance or nature of your assets, a move to a different state, or changes in tax law.
The world of estate planning is virtually limitless in terms of how you can provide for loved ones and yourself. The Estate Planning lawyers at Mesch Clark Rothschild can help you create the plan that is right for you and this is a perfect time to gather your information and decide what you want.
