Maybe you’ve been thinking about getting your affairs in order for a while or maybe you’re just starting to look into it. Perhaps you recently experienced a milestone event such as a new marriage, home purchase, or child birth, and are realizing you want to protect what is dearest to you. Or perhaps you recently lost a loved one and are feeling some perspective. In any case, procrastination should not get in the way of securing your family’s future by creating an estate plan.
Make this holiday season the time you resolve to do something!
1. If you have young children it is imperative that you have a will in place that provides them with suitable guardians should a worst case scenario come to pass. You might also want to set up a trust for them to handle any assets you would want to support them and so that you can control how their inheritance is managed even after they turn 18. Parents: don’t let another day go by without having a solid backup plan for your children’s future!
2. If you have an older estate plan but have since gotten married, divorced, or had a child, you should revisit your plan with an estate planning attorney. A new marriage or birth of a child may make your old plan invalid and subject to contest. Additionally, the old any previously existing wills and a new addition to your family is not necessarily covered under an old plan.
3. If you have a loved one who is getting on in years and may one day be a candidate for assisted living, don’t wait to act until your options are limited. Medicaid has a five-year look back period on asset transfers. The best time to plan for the high cost of elder services is well before they are actually needed. This year, make the elders in your life a priority!
4. If you have lost a spouse during this past year, having an attorney review your estate plan and ensure that the trust administration procedures have been properly followed is very important.
The upcoming Holidays and New Year is a great time to think about the people who are important in your life. Contact Amy Alvis at Alvis Frantz and Associates today to discuss how you can best provide for them
though many new years.
The information provided is for informational purposes only and not for the purpose of providing
legal advice. You should contact an attorney to obtain advice with respect to your particular issue