The summer temperatures are calming down a bit this week, and we are (reluctantly) starting to think about the fall and winter months. If you are a New Englander who flies south for the winter, there are some estate planning elements that you should review or initiate. These items help you prepare for the “what ifs” while you’re gone.
1. Update your will or living trust.
Ensure your will or trust reflects your current wishes regarding asset distribution. Review beneficiaries, executors, and guardians for minor children if applicable. Consider any changes in your financial situation or family dynamics since your last update.
2. Review beneficiary designations.
Check and update beneficiaries on life insurance policies, retirement accounts, and other financial accounts. These designations often override your will, so it’s crucial they align with your current intentions.
3. Create or update a durable power of attorney.
This document authorizes someone to manage your financial affairs if you become incapacitated. Ensure it is up-to-date and reflects your current choice of agent.
4. Establish a healthcare proxy.
Designate someone to make medical decisions on your behalf if you’re unable to do so. Choose someone you trust who understands your healthcare preferences including your specific wishes regarding end-of-life care and life-sustaining treatments. Be sure that your health care decision making document will also be accepted in the state you are traveling to for any extended period of time.
5. Organize important documents and passwords.
Compile and securely store important documents like your will, trusts, insurance policies, and account information. Consider creating a password manager or securely sharing access to key accounts with a trusted individual.
6. Inform key people of your travel plans and document locations.
Let your personal representative, power of attorney, and other relevant parties know about your travel plans. Inform them where to find important documents if needed.
7. Consider setting up online access to important accounts.
Ensure you can access and manage your finances remotely. Set up online banking, bill pay, and other necessary services. Consider authorizing someone you trust to handle urgent financial matters in your absence.
8. Review and update insurance policies.
Check that your life, health, and property insurance policies are up-to-date and provide adequate coverage, especially if you’ll be away for an extended period.
9. Ensure your digital assets are accounted for.
Include provisions for your digital assets (email accounts, social media, digital photos, cryptocurrencies) in your estate plan. Specify how you want these handled and provide necessary access information to your executor or digital executor.
10. Plan for your pets.
If you have pets, make sure there is a plan in place for who will care for them in the event of an emergency. Will the pet need to be transported? Who will make arrangements for short/long term care? How will you compensate this person and provide for the pet’s needs?
Summer may still be here, however it’s never too soon to think about the months ahead. Consult with your estate planning attorney to ensure any necessary modifications to your estate plan are made before you leave.
Founded by a nurse attorney and with offices in Acton, Andover, and Sudbury, Massachusetts, Generations Law Group helps families navigate the complex areas of estate planning and elder law to inform and protect loved ones of every generation.
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