By Karla McAlister
The year end or beginning of a new year, is an excellent time to get in the habit of checking your important personal paperwork- documents that are legally and financially important for you and your family. So, consider the following checkup of your important documents.
1. Locate your documents! It is amazing how many times we need a document and are not sure where to look for it. If you have experienced that problem, it is a good idea to gather all important records and tell your family or a trusted advisor where to find them.
2. Confirm the documentation you have! Your important records might include: military service and discharge papers; retirement plan papers; insurance policies including the beneficiary designations, documents evidencing ownership of all of your assets, including vehicle titles, financial account statements, deeds for land and minerals, ownership records for assets received by gift or inheritance, trust papers for any interests you have in existing trusts, and so on. And last but by no means unimportant, your estate planning documents, including your last will and testament, your revocable trust and any amendments, your durable power of attorney, your healthcare power of attorney, your advance directive for healthcare (for end of life decisions) and your consent for your attorney to communication with your fiduciaries.
3. Confirm your documents are current! Have you ever felt time was flying by? The speed of time seems real when we notice how “old” and outdated something has gotten. Do you remember the date you signed your estate planning documents? Have things changed since then? Our clients regularly call on us to meet with them and review their documents in order to assess whether any updating is needed or desirable. Although this may seem inconvenient and does involve time and expense the cost can be small in comparison to problems and costs that arise from having outdated documents which are no longer adequate or appropriate for a person’s situation.
Triggers to review:
Wedding bells
When you become parents or grandparents
Mid-life planning when your children are old enough to acts as your agents and fiduciaries.
Death, incapacity, or other significant change in circumstances of children agents, or trustees.
After a divorce.
Before you remarry consider a pre-marital agreement.
When you retire, especially if you move to another state.
When you or your spouse dies or suffers declining health or incapacity.
