As we are home with our families, tensions can run high with the demands of work, family, and household. Every client I have worked with has told me that signing their documents has brought them great peace of mind.
If you have not completed or updated a guardian nomination, now is the time to do so. Without this nomination, the court will determine who will raise your child if something were to happen to you, and it may not be the person you want. Naming local, trusted interim guardians has now become critical, as long-distance travel may become more difficult or even impossible.
Beneficiary designations and other funding issues
Many people have an out-of-date beneficiary designation, or, at the very least, one that hasn’t been looked at in a while. Taking 10-15 minutes to log into your IRA, 401(k), and life insurance company’s websites to double-check your beneficiary designations is an easy way to put your mind at ease.
Beyond beneficiary designations, other funding issues with trust-based plans are sadly common. But many can be easily and quickly fixed. If you’ve opened a new bank or investment account or bought a different home, let me know so I can work with you to update the funding of your trust. This type of work is just like touching up the paint at your house – quick and painless if you do it on a regular schedule – but a much bigger project if you let it wait.
Advance directive, powers of attorney and HIPAA Waiver
These documents are critical right now. Non-essential persons may not be permitted into a medical facility. These documents ensure that your trusted loved ones can receive medical information about you and communicate your wishes to the medical team so that you receive the care you need. Be sure that your loved ones have copies of these documents saved on their phone, and that you have obtained copies of your loved ones’ documents as well.
Where do you keep your hard copy and digital copy of your estate planning documents? Choose a safe location in your home to store at least one printed hard copy, and create a folder on your hard drive or personal cloud storage site so that you’ll always have access to a backup digital copy as well. If you need a fresh copy because you’ve misplaced yours, give me a call. I am happy to help.Published in