Do the Right People Know Your Wishes?
“The effort you put into this process [estate planning] now will create a lasting impact, offering both financial security and emotional reassurance for your family in the years ahead.” – Denise McClain
Setting up your Estate Plan is just the beginning. Once the documents are signed, there are still steps to take, including making sure the right people know how to carry out your plan and wishes. Lubnau Law is sharing a great list of steps from Kiplinger about what to do after your initial plan is created.
1. Share key details with trusted agents
This includes your financial power of attorney, executor, or trustee. It’s important to let people know what their role entails. Pro Kiplinger tip: Provide these trusted individuals with your phone's passcode and answers to your security questions for future access.
2. Make your health care wishes clear
Make sure that your health care power of attorney understands your preferences for medical treatment and end-of-life care. Pro Kiplinger tip: Provide your health care power of attorney with a current list of medications and dosages (a photo of your prescription bottles works great). This can be helpful in an emergency.
3. Write a letter of wishes
The documents Lubnau Law prepares for you are essential, but a letter of wishes can also help your loved ones. Pro Kiplinger tip: include how you’d like to be remembered, funeral directives, readings, music selection, etc. You can also reiterate your cremation or burial instructions. This will provide a roadmap for decision-making.
4. Decide what to share with beneficiaries and when
Transparency with adult beneficiaries helps them plan their own financial futures. Pro Kiplinger tip: base who you tell on that individual’s circumstances and age. A teenager may need help understanding financial literacy before they know specifics. Your adult children may want to plan for their future based on an inheritance.
5. Communicate with professionals
Lubnau Law clients know this already- but it is imperative to communicate any changes or updates to your legal team. Pro Kiplinger tip: also alert your financial adviser and CPA about your updates so that taxes, investments, and legal documents stay aligned.
Even if you haven’t had significant life changes, Kiplinger recommends repeating this process every three to five years. Ensuring that your entire estate plan is up to date will provide peace of mind for you and your loved ones. Need assistance? Help is available with the Lubnau Law professionals. (307) 681- 1313
Article source: Your Estate Plan Isn’t ‘Done’ Until You’ve Completed These Five Steps, From an Estate Planning Attorney’ by Denise McClain, JD, CPA, Kiplinger