The calendar has flipped to 2016, that means it is time for New Year's Resolitions. Make sure some of your New Year's Resolutions are Estate Planning Resolutions. Below are some Estate Planning Resolutions everyone should consider:
1. Make sure your Last Will and Testament is updated. Have you had a life changing event in the last year, such as the birth of a child, a marriage or divorce? Do you even have a Will? If any of these apply to you, then you need to update your Will or create a Will. Make sure your beneficiaries designations are correct on your Will and any life insurance or financial accounts. Make sure your named Guardian(s) and Personal Representatives are still as you want them.
2. Organize your assets. By the time most of us reach our mid-30s we will have accumulated a variety of assets. Documents from stocks, bonds, 401(k)s, IRAs and insurance policies can pile up and create an unmanageable amount of paperwork. Some of us may even forget about a 401(k) from an old job, an old unused financial accounts or bank account. Get organized to avoid forgetting about your assets. Stay organized by creating a file for every asset you own, and make a habit of keeping a record of each asset as you acquire it.
3. Get a Living Will or Advanced Health Care Directive. Advanced Health Care Directives allow you to name a health care representative to make health care decisions on your behalf if you cannot make those decisions for yourself. A living will directs health care providers and care givers the course of treatment you wish to have at the end of life. These are important documents that will allow your family the comfort of knowing your end of life wishes.
Contact the Law Offices of Michael D. Recchiuti, LLC today to schedule an appointment for a free Estate Plan Check-Up. 610-997-8820.