When your lover, spouse, and best friend live this earth is hard to deal with. I have been told you cannot breathe, move, talk, and are full of emotions. All the planning in the world will never prepare for that day. However, getting your life in order now will help your loved ones soften the blow.
During this season of COVID people are dying unexpected and premature. If COVID or any other pandemic came your way, have you considered who would manage your family’s financial life if you were to come disabled for any length of time? If you are a single parent, have you given someone authority to handle your affairs?
ACTION STEPS: Estate Planning Checklist
Take time to complete Estate Planning Checklist. For every “no” answer, create a Goal List to finish in the next two weeks.
1. Have you assigned someone durable power of attorney? Yes ____ No___
If you should suffer a stroke or other disability, a durable power of attorney enables someone else to manage your financial life.
2. Have you created a living will and/or health care power of attorney? Yes ____ No___
A living will express your wishes regarding life support and health care decisions. It can add to a health care power of attorney. This form is ONLY for your health care decisions.
3. Have you completed the Location of Documents? Yes ____ No___
4. Are beneficiary/loved ones designated on your life insurance policies, investments accounts, and retirement plans correct? Yes ____ No___
Many people forget to change or add beneficiaries when they get married, divorced, or change jobs. If you fail to list a beneficiary, the asset goes to your estate to be distributed according to your will or state law.
5. Do you have an up-to-date will? Yes ____ No___
Have your will reviewed every two to fours years, or whenever a significant change happens in your life. Remember that if you move to another state or your marital status changes, you will no longer be valid.
6. Check your property titles, especially your home and financial documents. Do they reflect your plans and are they consistent with your will? Yes ____ No___
7. Do you need to set up a trust? Yes ____ No___
A trust is a tool for avoiding probate and transferring property to your heirs. A “trustee” manages the property according to your instructions.
8. Are you familiar with probate in Texas? Yes ____ No___
Knowing Texas probate procedures will help you determine whether or not you should avoid it. Click on the link to learn more about Texas Probate: https://www.forbeslawoffice.com/probate/texas-probate-guide/
To get support with your estate planning go to thefinanically.com for your FREE virtual meeting with me.