Fall is a Great Time to Plan or Update Your Estate
It's that time of year again. Autumn is a great time to take a step back and assess your life—including your estate plan.
Estate planning may not be the most fun thing to think about, but it's important to do. It gives you peace of mind knowing that your loved ones will be taken care of according to your wishes if something happens to you.
As we fall into the autumnal season, Elaine McGinnis P.A. explains why you should add estate planning to your fall to-do list.
Ready to Rethink Your Estate Plan
If you already have an estate plan in place, the fall season offers a great opportunity to review it and update it if necessary, especially if you have growing children. Not many things will get people thinking about their will, but this time of year always seems to spark the thought.
Here are some reasons why:
#1. Back to School
The start of the school year serves as a reminder of how much your kids have matured. How in the world have they gotten so tall?
As your children get older, your plans for the future may change along with them. Your will should include a plan for the legal guardianship of your children and any pets. Revisit your will to ensure that the appropriate Guardian is still the best choice, and doesn’t need to be updated.
If you have a child going off to college, you may need to update your documents if they plan to go out of state for the school year. A Young Adult Power of Attorney is also an important document to have on file.
#2. Beat the Holiday Rush
During the fall season, life is already busy, but add in the holiday season; forget about it! Whenever the holiday season starts, there doesn't seem to be enough time to accomplish anything between family gatherings and cherished traditions.
Before the festivities begin, it is a great time to take stock of all the people that you have in your life to be thankful for and ensure that they are protected.
By getting your affairs in order in the fall, you will have
peace of mind as the holiday season begins.
Taking care of it now will also allow you to start the upcoming new year strong, knowing that your last wishes are in order when the time comes.
#3. Falling-Outs / Reviewing Your Beneficiaries
You may have holiday shopping and lists on your mind, and if you plan on cutting someone from your shopping list this year, it may be time to reconsider their place in your estate plan.
Relationships are ever-changing, and the people
closest to you right now may not always be in your life.
Each time you make an update to your estate plan, you should review your list of beneficiaries, and what they will receive when you pass away. For instance, even if your will now specifies that your sister should inherit the antique grandfather clock in your living room, you could need to revoke that provision if you and your sister had a falling out since you last updated your will or if she passed away.
You might also want to look over the Executor of your estate while you are looking over the names of your beneficiaries. An Executor bears the responsibility of settling the estate after your death. This person should be someone that you trust absolutely. Each time you review your plan, ensure that the executor of your estate is still willing and able to act on your behalf.
Learn More > What Should Be Included in Your Will?
#4. Consider Your Children
It may seem strange to talk to your child about getting a will, living will, or power of attorney, but if your child is over 18, he or she is considered an adult and you will not have the authority to make decisions for him or her.
This can be scary to think about, especially if your child is away at school. Sit down with your child this fall and set up a living will so you can make decisions and be informed about medical situations if he or she needs you.
It’s also a good idea to get up a power of attorney that gives you the authority to make financial and health decisions on the behalf of your child.
Putting a basic will in place is a good idea for any young adult. If nothing else, it is a great way to teach your children responsibility.
Learn More > Avoid Family Conflict with Estate Planning
Make Your Final Wishes Known
If not now, when? Fall may be about pumpkin spice lattes and fall festivals, but it is also the perfect time to review or start your estate plan.
Don’t wait until it’s too late. Estate planning may not be the most comfortable topic to bring up with your loved ones, but this often-overlooked task doesn’t have to be confusing or stressful.
With Elaine McGinnis P.A. preparing for the future is stress-free. Call for an estate planning consultation today at (813) 851-3380.