Everyone is aware of the potential repercussions of not having clear instructions for your personal information and your records if you were to pass away. But it’s also one of those easy things to kick off into the future and assuming it’s not relevant to your life in the immediate moment.
The truth is that you could be making things much more difficult for your loved ones unnecessarily by failing to consider the process of these important financial tasks. Your last instructions should be spelled out in the event that you possibly become incapacitated or pass away.
These details should be discussed with your trusted advisor like an estate planning lawyer as well as any family members who will be relevant for serving in this role. For example, don’t appoint someone as your power of attorney agent unless you are both confident in their ability to serve in this role and feel comfortable that they are aware of this possibility and are aware of what it entails.
These trusted positions can become especially important in the event that an accident or sudden illness occur and you want to have confidence in the people that you have selected and the method through which you have chosen to appoint them. To consider all of the bigger pictures as it relates to other aspects of your estate plan, such as elder law concerns around long term care and how to handle issues like asset protection planning, set aside time to speak with a dedicated estate planning lawyer today.
- Do I Really Need to Create Last Instructions with My Will? - October 14, 2020
- Durable Power of Attorney Versus Power of Attorney - September 22, 2020
- Does a Trust Help with Property Distribution? - September 1, 2020