DO I NEED A WILL?
Do I need a Will?
Most people benefit from having a will. Having a valid will in place at your death can help make the administration and distribution of your estate easier for those who are left behind. Most of us are concerned (at least to some degree) about what happens to our property at our death and in whose hands our property ultimately falls.
I Have a Will, Do I Need Anything Else?
Our firm believes that persons should face the possibility that they may become incapacitated at some point in the future. Having supporting documents in place for your loved ones at such a difficult time is one of the most important things you can do for your family and yourself. Not having incapacity planning will generate unnecessary additional stress for your family at a time when they least need it. Here are some supporting documents our firm offers:
• Statutory Durable Power of Attorney
• Medical Power of Attorney
• HIPAA Authorization
• Directive to Physicians
• Appointment of Guardian in the Event of Future Need for Guardian
Should I Update My Will?
We recommend reviewing your will and related documents (including beneficiary designations for life insurance and retirement plans) at least every five years. However, if any of the following have occurred since your will was last signed, you should consider having your plan updated:
• Change in your marital status (by death, divorce, or marriage)
• Change in marital status of a child
• Birth of a child or grandchild
• Death of a child or grandchild
• Significant change in financial condition (up or down)
• Significant change in your health status (or that of a close family member)
• Significant change in family dynamics
• Need for asset protection
• Transfer to a new state
It is important to coordinate all beneficiary designations with your overall estate plan so that your comprehensive wishes will be carried out. Please let us know if we can assist you with updating your wills and related documents.
The GLF Estate Questionnaire contains a checklist of information that would be helpful to have completed before visiting with estate planning counsel.