During this time of the year, people’s thoughts turn to an old standby – spring cleaning. As you know, the onset of spring inspires many of us to clean our homes until they sparkle. Home owners dust every item, tossing things that are no longer useful. This is also a great time to give your estate plan a good review. Spring cleaning your estate plan can start now.
Spring Cleaning Your Estate Plan – First, Find the Your Documents
Hopefully, you put your estate planning documents in a secure but accessible place. Once you find them, pull them out for a good review. Then ask yourself, “Has anything in my life changed since I signed these documents?” If so, now might be the time for spring cleaning your estate plan.
Life Changes. So Do Your Estate Plans.
If your family has grown or gotten smaller, you may need to review your beneficiaries, executors, and agents.
Have you or someone close to you gotten married or divorced recently? Control where your assets go by preparing a good estate plan, then updating as needed.
And your estate plan doesn’t just deal with death – it also addresses issues you might face in the future.
Your durable power of attorney allows an agent to keep your financial affairs humming if you’re not able to do so. If you named an agent years ago, is that agent still around to help out? Are you still in contact? Most importantly, does that person still want to serve as your agent. It’s time to give some thought to updating your power of attorney.
It’s possible you signed an advance directive years ago. This document gives the agent of your choice the authority to make medical decisions if you cannot. Doctors and other healthcare providers will know what treatments you want and don’t want. Even end-of-life treatment can be spelled out in a living will. Things may have changed since you signed your advance directive. Your preferences or even the person you want to serve as agent should be reviewed and refreshed if needed. Your Advanced Directive has to be HIPAA compliant or it may be invalid. If you signed it years ago, chances are it is not HIPAA compliant.
When’s the Last Time You Reviewed Your Estate Plans?
At Miller Estate and Elder Law, we make it our business to put our client’s needs first. We assist our clients in making good estate plans and keeping them current. For a free consultation, contact us at 256-251-2137 or use our convenient Contact Form. We have offices in Anniston and Birmingham and we assist clients in the Leeds, Gadsden, Hoover, Talladega, Vestavia Hills, and surrounding areas.