Will 2018 be the year you make a Will and complete your estate and disability planning?
If you kick it down the road another year it won’t matter … unless 2018 is the year you die or become incapacitated or disabled. In that case, those you care about will wish you had planned better, especially if they are financially dependent on you.
If you don’t make a Will before you die you leave an “intestate” estate. The state has rules governing who gets your property, who has priority for appointment as your personal representative and how any of your property received by minors will be managed. If you are confident that you and your loved ones will be perfectly satisfied with the state’s choices about all this, you don’t need a Will.
If your beneficiary designations on life insurance, retirement accounts and other financial accounts are based on the state of your family and finances five, ten or more years ago, payment from your financial assets may be delayed or directed to the wrong people.
If you have an inadequate financial power of attorney, or none at all, a court proceeding called guardianship of property may be necessary to manage your property at a cost of thousands of dollars and many wasted hours.
If you have an inadequate advance medical directive and health care power of attorney, or none at all, health care decisions may be adversely impacted.
If you decide you are going to take care of these matters this year, contact Thyden Gross and Callahan, LLP. We can help.