It's a new year, and a good time to review estate planning and other important documents. Here are some things to consider:
If you already have a will, pull it out and take a look at it. If you have had a major life change, such as a marriage, divorce or death, it might be time to make some changes.
If you have powers of attorney (financial and/or medical), look at these, too. You want to make sure that the person you have chosen to be your agent is someone you trust to carry out your wishes. Be sure to consider your current circumstances. It's not uncommon for older couples to name each other as power of attorney, but if one spouse has dementia or another chronic disease, they may not be the best person for the job as power of attorney. It's also a good idea to name alternate agents, in the event that the person you have designated as your agent has to resign or is otherwise not able to carry out your wishes.
Don't forget the directive to physicians or living will. You might not necessarily need to do a new one, but please spend some time thinking about the kind of care you want or don't want in different situations. Your choices for end of life care will often change over time, as your health and family circumstances change. And most importantly, don't forget to talk to your family about your wishes. Too often we assume our family knows what we want, but if we have never talked about it, it can be a lot of guess work when the situation arises.
Other things to review include life insurance policies and financial accounts. You want to check your beneficiary designations to make sure funds will be distributed the way you want.
If your kids are grown and out of the house, It might be a good time to meet with your insurance agent to discuss whether you still even need that life insurance policy. If you are in your 40s or 50s, it might make more sense to look into long term care insurance.
If you haven't done any estate planning, what are you waiting for? There isn't enough room in this newsletter to go into all the reasons you need to do this, especially if you have minor children or a special needs child or other relative. Investing now in a good estate plan can save all kinds of money and hassles later.