Thanksgiving is coming up, and no matter what is going on in our lives, we all have things to be thankful for. It is my hope that we can all take a few moments over Thanksgiving and Christmas to check in on those who we don’t always see on a regular basis. While it’s often uncomfortable to think about and talk with others about having legal affairs in order, here are three simple things to think about if you’re brave enough to broach the subject.
1. Do you or your loved ones have critical estate planning documents in place?
People often consider a Will or Trust to be the focal point of their estate plan. While these documents are undoubtedly important, equally or more important is having documents in place that empower the people you trust to handle financial or medical decisions for you in the event that you cannot handle your affairs on your own. I strongly encourage everyone that the foundation of any estate plan is having a Financial Power of Attorney and an Advance Directive for Health Care.
2. Have you thought about what happens after you are gone?
I often say that any plan is better than no plan at all. While we can get far with joint ownership, lifetime gifts, and beneficiary designations, the best way to ensure that your final wishes are honored as easily and simply as possible is to put them in writing in a Will or Trust. Clients are often shocked to discover that Indiana Intestacy Statutes often differ from the plans that they would have for their property after their death. Families with young children, special needs individuals, and blended families need to be especially proactive in their estate planning to avoid unintended consequences.
3. Is there anyone in your life that is struggling with activities of daily living?
The holidays are an opportunity to see family members that you may not see all the time. In many cases, they are a time where children first discover that their aging parents are having some difficulties. While we all want to stay home and live independently as long as possible, burying our heads in the sand and avoiding crucial discussions often makes the situation even more difficult when unexpected circumstances arise.
As you enjoy the holidays, I encourage you to take a brief moment to consider whether you and your loved ones would be in a good position to deal with unforeseen problems in life, or if you’re just living with “finger’s crossed.” If you would like to discuss this or anything else, call or email me and we can set something up.
This blog is for educational purposes, and is not intended as legal advice. No Attorney-Client Relationship is created hereby, and this information may not be applicable to a particular jurisdiction or situation. While this blog is informational, readers should consult with an attorney before taking any legal action.