We are on the final stretch of the year now. Hopefully the election ads are finished for a while because I was getting tired of the rhetoric. The constant barrage of negativity assaulted me during Jeopardy. Jeopardy! Bring on the holidays and some hope with the New Year. I am ready to put 2025 to bed.
I was challenged by someone yesterday to start a list of things that I need to discard. You know the pattern or habits that we adopt to weather difficult times, but I am not very good at changing back to normal after bad weather has subsided. Consider me wearing my rain gear 24 hours a day even when the sun is shining bright. Taking inventory is another way of saying it.
Here is a list of things that you should inventory and reach out to your lawyer to review if changes are needed:
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Power of Attorney and Advanced Medical Directives: Has my list of agents I appointed changed? Has my appointed agent’s life situation changed to the point that I need to seriously consider someone else better suited?
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Trust and Last Will and Testament: Have my executors changed? Has my trustees circumstances changed that would disqualify them to act on my behalf?
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Guardian of Minors: Life is difficult. Reviewing if the family member or best friend might have encountered some difficulties that makes them ill-suited as the preferred choice to be guardian of you minor kids now. This change might be necessary to protect your kids.
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Putting off getting estate planning completed. I tell my clients that you don’t need it until you do then it is too late. Get started and push ahead to settle things in your desired fashion.
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Trust: Have you changed beneficiaries and made the appropriate changes to bank accounts and investment accounts?
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Deed: Is it time to have a talk with a parent or elderly loved one about their real estate? What do they want to happen in a long-term plan? Is the house too much for them? Would a transfer on death deed be an appropriate course of action?
The advantage of sitting down with a lawyer is the assistance that a professional can provide to spot issues, identify problems and craft solutions.
Albert R. Hartley
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