How to Get Your Estate Plan Done before Summer Vacation
We are about three months away from summer vacation, which makes today a perfect day to get started with your estate planning. If you get started now, you can be finished in time for summer. One of the worst stories about a failure to do estate planning that I’ve ever heard happened when the family was on vacation. There was a car accident, and both parents were killed, but the kids survived. The parents hadn’t even named guardians, and their family members fought over the kids for 18 months while the kids lived with foster parents. I know that sounds terrifying, but it’s all stuff you have to power to avoid, even if you can’t avoid when and where you are when your estate plan is needed.
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There are 5 easy steps to take to get your estate plan done:
1. Find the right lawyer.
This is not a DIY situation. You want to invest in a plan that is going to work when your family needs it, so you need to work with a lawyer who knows what they’re doing. Find a lawyer who has experience, who is focused largely on estate planning, and who you can imagine being there for your family when you can’t be. It’s important that you like your lawyer and can imagine them being competent, organized, and compassionate when your family is dealing with a terrible situation.
2. Gather together your financial/asset information.
Next, you’ll want to gather all of your financial and asset information for your lawyer, and so that you’ll have a list that your trustee can use when the time comes that they step in. You lawyer will use this information to tell you what a probate process would look like for your family, as well as what estate taxes your family may face. From there, if you don’t like what things look like, you can make plans to avoid those things.
3. Name the people who will make decisions for you.
Then, you will want to figure out who you want to name in various roles in your plan. You need to name guardians for your kids: short-term guardians who can pick up the kids within 20 minutes or so, and long-term guardians who will care for your kids until they are adults. You will also want to choose a “money person,” the person who is in charge of wrapping up your estate if you die, and who is in charge of managing your trust long-term for your kids, or for you if you are incapacitated. Last, you’ll need to name someone to make healthcare decisions for you if you are unable to make them for yourself.
4. Sign your estate planning documents.
This is a fairly obvious step, but make sure that you have your signing appointment before your vacation if you want to be able to relax the whole time, rather than worrying about being unprotected if something happens to you. As soon as you sign your documents, the plan is active. Your fiduciaries are named, you’ve laid out what you want to happen with your assets, kids, and healthcare decisions. So don’t miss that signing meeting before your trip.
5. Transfer assets and redesignate beneficiaries.
Once you sign your documents, you’ll want to make any asset transfers you need to make, such as to your trust, or to you and your spouse, jointly, depending on your lawyer’s recommendations. You’ll also want to update your beneficiary designations on the advice of your lawyer.
With these steps completed, you should be able to have the best vacation of your life, knowing that if anything goes wrong, you’ve done as much as you can to make sure that your family is cared for and that things run as smoothly as possible.
Bon voyage!
If you want to get started on your estate plan, read about our estate planning services and schedule an appointment.
To your family's health + happiness.
~Candice N. Aiston
P.S. Want to get started slowly but surely, naming guardians for your kids? Check out our Guardian Plan kit.
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Candice N. Aiston is an Legal Planning Attorney for Estates + Businesses in the Portland, Oregon area. She helps people to prepare for a lifetime of security, prosperity, and guidance. If you would like to receive her free reports, please visit http://aistonlaw.com/ to sign up. Follow her Facebook page for daily planning tips: https://www.facebook.com/aistonlaw/.