Estate planning is the kind of task that never feels urgent until it is. The good news is that a basic plan is not complicated, and most of it can be done in a single sitting.
Here are four things worth handling before the year ends.
- Create or update your will
If you die without a will, Connecticut law decides who inherits your property. That distribution may not match what you would have chosen, particularly in blended families or when someone you care about is not a legal relative. If you already have a will, it is worth rereading after a move to a new state, a marriage or divorce, a birth or adoption, a death in the family, or a significant change in what you own. A will written for a different life may not do what you expect.
2. Name a guardian for your children
If both parents die without naming anyone, a court decides who raises the children, based on what it knows. Naming a guardian in your will tells the court who you trust, and it spares the people you leave behind a painful argument at the worst possible moment.
3. Review your beneficiary designations
This is the one people miss. Retirement accounts and life insurance policies generally pass to whoever is named on the beneficiary form, not to whoever is named in your will. An old form naming a former spouse, or a deceased parent can undo the rest of your plan. Pull up each account and check who is listed.
4. Decide who can act if you cannot
A power of attorney names someone to handle financial matters if you become unable to. A health care directive names someone to make medical decisions and records your wishes about treatment. Without them, your family may have to go to court to get authority they assumed they already had.
A note for families with ties abroad
Many of our clients have relatives, property or accounts in another country, or are permanent residents rather than citizens. Both affect how a plan should be written. If that describes your family, mention it at your first meeting.
The Law Office of Channa M. Gordon LLC prepares wills, trusts, powers of attorney and health care directives for families in Meriden and across Connecticut and New York.
This post is general information, not legal advice. For advice about your situation, speak with an attorney.