Why Should I Update My Estate Plan?
The majority of Americans don’t have an updated estate plan in place. This can create a major headache for their families, in the event that anything happens to them.
Fox 43’s recent article entitled “Majority of Americans have outdated estate plans” explains that estate planning is making some decisions now for what you want to happen in the future, if you’re unable to make decisions then. It’s a good article about updating an estate plan.
It’s important that every adult has an estate plan in place. Moreover, as you get older and you have a family, an estate plan becomes even more important.
These decisions can impact your family. It involves deciding who will care for your children. If you’re a parent with children under the age of 18, your estate plan can name the guardians of those children.
This is accomplished by having a clause in your will that states which person(s) will have the responsibility of caring for your minor children, in the event that you and your spouse pass away unexpectantly.
Another point to consider with respect to an update of your estate plan: In your will, you’ll also name an executor who will carry out your wishes after your death.
You may ask an experienced estate planning attorney about whether you should have a trust to protect some of your assets.
You also should have your attorney draft a power of attorney, healthcare directive, living will and HIPAA waiver.
Many people don’t know where to get started to update their estate plan. However, the good thing is ultimately it’s your decision about what you want to happen, if you are unable to care for your loved ones.
Talk to an experienced estate planning attorney and do this sooner rather than later.
I hope this was helpful in asking the question, “Why Should I Update My Estate Plan?”
To learn more, read: Checklist for Estate Plan’s Success and What are the Basics of a Successful Estate Plan? and Gift-Tax Exemptions are Treated Differently by IRS and Medicaid and How to Protect Assets from Medicaid Spend Down?