It’s no surprise that Americans spend more time planning their summer vacations than they do planning their estate. After all, a vacation is a trip you want to go on, while the eternal “trip” is not.
However, wouldn’t you travel with more peace of mind if you knew you had taken the necessary steps to protect your family if something unthinkable should happen to you? That’s why you need to tackle these five important tasks before you go on that much-deserved summer vacation:
Guardians for minor children — if you have children under the age of 18, you must name a guardian or guardians to ensure that they will never be left in the hands of strangers or people you wouldn’t want raising them. You can name short-term guardians in case of emergency, and then plan for long-term guardianship. We recommend a full Kids Protection Plan® to ensure there is no gap in your kids care, ever and no matter what.
Beneficiary review — if it’s been awhile since you updated your beneficiary forms for retirement accounts, life insurance or other assets, it’s time for a review — especially if there has been a major change in your life. Make sure insurance and retirement accounts are never passed on to your minor children, outside of a Trust.
Estate plan review — if you have experienced a birth, death, marriage, divorce or other life-changing event since you last updated your estate plan, you need to be sure those changes are reflected by updating your plan.
Advance healthcare directive — if you become incapacitated and can’t make your own health care decisions, have you named someone who you can depend on to carry out your wishes? If not, you need to execute an advance health care directive that includes a durable power of attorney and a HIPAA release so your medical information can be shared.
Insurance update — is your life insurance still sufficient to meet the needs of your family? If not, then you should revise your policy before you go.
As a Personal Family Lawyer®, I can further advise you on all your options and make things as easy as possible for your family during a Family Wealth Planning Session. If you would like to have a talk about estate planning for your family, call our office today to schedule a time for us to sit down and talk.
To your family’s health, wealth and happiness!
David Feakes
P.S. Want to get started on the most important planning you’ll ever do for your family? Give our office a call at (978) 263-6900 to get started. You’ll be so glad you did.
David Feakes is the owner of The Parents Estate Planning Law Firm, PC – a law firm for families in the Acton, Massachusetts area. David helps parents protect the people they love the most. If you would like to receive David’s exclusive, free report, “Six Major Mistakes To Avoid When Choosing An Estate Planning Attorney,” you can get it right here.
The Parents Estate Planning Law Firm, PC
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