An In-Depth Estate Planning Document Review

- Lack of updated documents can compound an already difficult situation -

By Raymond L. Adams, CFP®, CLU, ChFC

ARE YOUR DEATH DOCUMENTS (WILL OR LIVING TRUST) UPDATED?

Various surveys indicate that large percentage of the adult population either does not have a Will or their current Will is outdated.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.

YOU CAN CURTAIL FUTURE FAMILY CONTENTION

To help ensure that  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future family contention, which often presents itself at the time of the passing of a loved one—due to unclear, outdated, or poorly worded estate planning documents; incorrect and/or incomplete beneficiary arrangements; and products or investments that are not dove-tailed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.

MINIMIZE YOUR OWN HEALTH CARE CONCERNS

Now, with regards to what I call Living documents: The updating or creating of your “living” documents, whether single or married, could be very important to you. For example, a Durable Power of Attorney for Health Care, coordinated with individual HIPAA authorization(s) and medical directives—and in the hands of those you have chosen to be such, 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 how it will be paid. You may, also, want to draft potential personal guardianship provisions for yourself.

WHO WILL MANAGE YOUR ASSETS?

I feel strongly that even if you are married, you should have a Durable Power of Attorney for assets within your documents; one never knows how a quick turn of events could necessitate such a document. And, if you are single it is vitally important to have. 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.

IN CONCLUSION

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 complimentary review consultation: (425) 827-9225

Capital Enhancement Group, Inc. • 611 4th Ave. Suite A • Kirkland, WA 98033 • (425) 827-9225