Don’t Leave for Summer Vacation Without Your Estate Plan!

There’s no better time than summertime – rest, relaxation and seeing the world. You’ve waited all year for your vacation. You’ve got your passport, the pet sitter is confirmed but wait- do you have your estate & incapacity plan in place? If you do is it so old it needs to be updated to meet your current needs?  Here are six reasons why you absolutely should have a legal check-up and create or update your estate plan before you go on vacation:

1. Organization: By organizing your financial information you will know exactly what you have which will make it easier for us to identify your life goals and create legal solutions in your Will or Trust. Organizing helps your loved ones if you become incapacitated or, pass away. It is also an opportunity to re-evaluate your financial goals and meet with your financial advisor.
2. Avoid Guardianship: Creating a legal plan that provides for trusted individuals to make your financial and medical decisions in the event of your incapacity saves you time, money and privacy in the long-run. Absent a strong well-written incapacity plan, your family will have no option but a court supervised guardianship where much of your life will become a public record.
3. Planning for Loved Ones With Special Needs: If you have a beneficiary who has a disability or special needs do not fear – a special needs trust can protect their inheritance and enable them to continue to receive government benefits such as SSI and Medicaid.
4. Create a Pet Trust for your loyal companion: Our animals are part of our family. They provide us with unconditional love, companionship, lower our stress and help us maintain a healthy state. What better way to say ‘thank you’ than creating a pet trust naming a custodian to care for your companion(s) and designating a sum to pay for their veterinary care, food, etc.
5. Name a Guardian for Your Minor Child: If you have a child under age 18 it’s very important that you name a guardian to care for the child and handle any monies they receive in the event of your incapacity or, demise. Designating a guardian for your child in a separate document (not in your Will) can avoid family disharmony later.
6. Young Adults Need a Plan Too: So you’re going on the last family trip together before your 18 year old child goes off to college? Believe it or not your 18 year old is now a legal adult and you can no longer make his/her medical or financial decisions.  It is important for him/her to have an incapacity plan in case there is a car accident or, an illness.

You deserve peace of mind as you leave on your vacation. Schedule a consultation with me to create your plan today. Our Client Liaisons Lyn Blithe and Sandy Baum are ready to help you. Just mention this blog or download the gift certificate on the website and receive a 20% discount on the initial consultation.

Suggested Webinars:

• Man’s Best Friend: Creating A Pet Trust in Your Estate Plan;
• 3 Documents Your 18-Year-Old Must Have Before Going To College;
• Estate Planning for Parents of a Special Needs Child;