You may have all your documents in order, but don’t skip the critical step of informing people about your wishes
From Next Avenue – By Christine D. Moriarty –
If you are one of the 45 percent of Americans with an estate plan, congratulations. You are prepared for your death or disability by having the documents legally signed and ready to go.
Yet are you really prepared? Even people with those foundational documents often forget to share critical information. Some even forget to tell those they love that they have completed their documents, let alone who is named in the documents and what professionals to talk to after they pass.
Thinking Beyond the Documents
Take these four steps to be sure your wishes are followed and your financial caregivers are up to speed.
1. Inform your designated executor, trustee and health care person. Ideally, you should do this before you sign the paperwork. If the papers are signed, it is still important to let them know. This is your support team. For you, it is critical to know if they are willing to act on your behalf when the time comes.
You do not have to go into a lot of details. Tell them the basics – what you want physically if they are your health care person. Who your doctors are and how to contact them. On the trustee and executor side, they need to know who you trust. Think financial advisors, legal team and tax accountant, along with how to contact them. For financial reasons, you may want them to know whether you have money to care for yourself or any extending circumstances. Both physically and financially, you want to talk about your wishes with your trusted team. Consider including them and the main beneficiaries during the final meeting with your lawyer.
2. Tell your family or beneficiaries they are named in your estate plan. No need to reveal details if you would rather not. For example, the amounts and specifics may change over time. Let them know your paperwork is in order and who you have selected to handle the details.
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Do you need an attorney to handle your Estate Planning, Probate, Special Needs, or Medicaid/Medicare issues? Find a qualified member of the Ohio Chapter of the National Academy of Elder Law Attorneys in the Ohio NAELA Directory.