We’re rapidly approaching the end of 2016, and with that comes the New Year and a fresh start. Leaving the baggage of the year behind and focusing on the future is what New Year’s Day is all about, and with that comes thoughts about the things you need to accomplish.
Among those things should be planning your estate to ensure your loved ones’ future. This isn’t difficult, but requires resolve to do what needs to be done. Consider these New Year’s resolutions regarding settling your estate for the coming year, and how a Las Vegas estate planning attorney can help.
Confront the Inevitable
The first, and hardest thing you need to resolve to do, is confront the inevitable fact of mortality. Talking about these things is difficult, but if you don’t have this conversation, your wishes may not be honored when you do pass away.
You need to discuss things like power of attorney (both financial and medical) so you know who will be making healthcare and monetary decisions for you in case you should become disabled. You need to talk about your estate and how it will be divided to avoid surprises and battles later on.
Go over Your Existing Plan
If you have an estate plan in place, you should go over it at least once a year. Make sure that everything on there is current. Do you still have the same assets to divide, and do you still want things to go to the same people? Have there been changes regarding who you’d like to make decisions for you? Make sure everything is still the way you want it.
Make Your Wishes Clear
While you’re talking about who you want to make those important decisions, make sure that they know what you want when those situations come around. Make sure that you’re in agreement about the medical decisions you want made, who has access to your healthcare records, how you want your finances handled and the like. Knowing who has the power to make those decisions isn’t enough—make sure they know what decisions to make, and get it in writing.
Review Life Insurance
Take some time this year to look over your life insurance policy. Is there enough there to cover all of your expenses regarding not just your final expenses, but your estate costs as well? It’s important to make sure that your policy is going to cover everything when you pass, so you don’t leave your heirs with tons of bills and expenses they can’t pay.
When the time comes to tackle your Las Vegas estate planning, an estate planning attorney can be your best friend and ally. They can help you with every step of your planning, from assigning power of attorney to living wills and the final disposition and division of your assets. If you live in the Las Vegas area and need help, trust Tanko Law. For more information, give us a call today!