When was the last time you reviewed your Will or estate strategy? August is National “Make a Will” Month, an excellent annual reminder to update or create your Will. A Will can outline your wishes and help guide the settlement of your estate.
Has there been a birth, marriage, divorce, passing, retirement, out-of-state move, tax law change, or asset change since you last reviewed your Will? If any of the above applies, it may be time to take another look.
After all, a little time and attention now may save your beneficiaries time and headaches, so now is the time to get your estate strategy in order.
You probably need a Will: A Will is not just about transferring assets, so the decision to create one is not always about how much you have to pass on. It can be used to accomplish other tasks, such as naming who should manage your social media accounts once you’re gone or inherit items you’ve accumulated, like collectibles or your car.
Planning for burial expenses: Funerals can be expensive, and if you don’t have the savings to meet those costs, that burden gets shifted to others.
Consider a medical directive: This important document states your wishes for end-of-life care. In the case of an unfortunate accident, a medical directive provides instructions about the level of care you want, e.g., palliative care only.
Consider a durable power of attorney for health care: In the event that you are unable to make medical decisions for yourself, this gives the individual of your choice the legal power to act as a health care proxy for you.
A medical directive and health care durable power of attorney can ensure that you are provided the level of care consistent with your wishes. They can also prevent family discord in the event of differing opinions. These are important estate strategies to consider along with creating a Will.