Various surveys indicate that the majority of the adult population either does not have a Will or their current Will is outdated. Unfortunately, in either situation, the heirs are left without proper direction to divide the estate as the deceased would have wanted.
CURTAIL FUTURE FAMILY CONTENTION
To help ensure that this does not happen to you, and so that your estate is distributed exactly according to your wishes, it is important to have properly drafted estate planning documents. Having such can eliminate possible future family contention, which most often presents itself at the time of the passing of a loved one—due to unclear, outdated, or poorly worded estate planning documents; incorrect and/or incomplete beneficiary arrangements; and products or investments that are not dove-tailed complementary with the documents. This lack of preparedness compounds the already difficult situation for your loved ones when you pass away
IS A GUARDIAN NECESSARY?
As parents, if your death were to leave minor children behind without Guardianship provisions that are accompanied with specific financial arrangements for those chosen to take care of them via a chosen trustee, it would add one more major layer of upset and stress in what would already be a difficult set of circumstances. And grandparents, same goes for you if you are thinking about leaving money to minor grandchildren; make sure you have exact provisions in your estate planning documents for all possible contingencies that are important to you.
MINIMIZE YOUR OWN HEALTH CARE CONCERNS
Moreover, the updating or creating of your “living” documents, whether single or married, may potentially benefit you. For example, a Durable Power of Attorney for Health Care, coordinated with individual HIPAA authorization(s) and medical directives will always minimize inconveniences and/or delays in obtaining necessary medical attention. And, what is your feeling about a “Do Not Resuscitate” (DNR); if this applies to you, do you have it in visible sight, for the paramedics to see, as well as among your documents?
Additionally, you may want to outline and prepare for an unexpected nursing home, assisted living, or a “special” home health care need— and yes even guardianship provisions.
WHO WILL MANAGE YOUR ASSETS?
Additionally, if you are now single (or ultimately might be) it is very important to have a Durable Power of Attorney for assets document. You see, if you were declared incompetent you would want to have this prepared; otherwise there is a good chance that the financial decisions would be overseen, and perhaps excessively scrutinized, by a judge (and supervised by the court) who would be unfamiliar with you and your specific circumstances. This is seldom, if ever, a favorable situation.
AN ESTATE DOCUMENT REVIEW
I extend to you an invitation to receive a personalized one-on-one interview to review all of your estate planning documents: your investment and/or retirement portfolio, all beneficiary arrangements, and any other after-retirement financial concepts, products, directives, or documents you might want looked at. The review will either give you peace of mind, or, if all of your “planning” is not as you feel it ought to be, you will know what needs to be done.
Simply call today for a review: (425) 827-9225 or 1-800-285-3373, or e-mail info@CapitalEnhancement.com
