The new year is just a few days away. What are your New Year’s resolutions? Lose a few pounds? Exercise more? Don’t forget your estate planning.
Estate Planning New Year’s Resolutions
Get a Living Trust and/or a Last Will and Testament. …
Sign a Power of Attorney and/or Advance Directive. …
Minimize (or Avoid) Estate Taxes. …
Fund Your Trust and/or Review Title. …
Review Your Beneficiaries. …
Inventory Your Assets. …
Create a Digital Estate Plan.
Let’s talk about a couple of areas today. We know that your will expresses your wishes after you die. What about if you are still alive and don’t have all your capacities.
Ever think about About Alzheimer’s? Acording to the Alzheimer’s Association, 10% of all people over the age of 65 have Alzheimer’s disease, and as many as 50% of people over 85 have it. The number of people with the disease doubles every 5 years beyond age 65. If you get this disease, do your loved ones have the authority to handle your money?
Generally speaking, a durable power of attorney gives someone the ability to act for you in financial and/or medical situations. This authority can be limited in scope (e.g., a single real estate transaction), or it can be broad (e.g., any and all healthcare and financial decisions).
What if you are in an auto accident or have a sudden illness? Do you want to kept alive on a ventilator and spend the rest of your life with a tube in your mouth?
An advance directive for health care — commonly called a “living will” — similarly allows you to appoint a “health care proxy” to make medical decisions for you if you are incapacitated. An advance directive also allows you to state your wishes for end-of-life care (i.e., “pulling the plug”) and organ donation.
What about your digital information? Does anybody know where all your accounts are located and what the passwords are? If you own a small business, do people know the passwords for your website and domain names. If is a good idea to compile this information now and give it to the right person.
Ben Winter, P.A. focuses its practice in the areas of Estate Planning, Social Security Disability and Workers Compensation in St Petersburg, Florida. For more information, go to our web site www.benwinterlaw.com or call (727) 822-0100.