Setting your New Year's Resolution!
It's almost 2018. The parking lot at the gym will have fewer spaces as many set a New Year's resolution of losing weight. Others may decide to read more books or watch less television in the New Year. Spend less? Give more?
Have you considered your legal goals for 2018? This season of resolutions and goal setting is a great time to consider your legal state of affairs - especially when it comes to your long-term plans! It doesn't matter if you have a young family or are in retirement - estate planning is for everyone!
Setting a few realistic legal goals for 2018 include:
- Getting a financial check up
Although this isn't technically a "legal goal," your long term financial health can be greatly improved with the assistance of a capable financial advisor who can assist you with investments as well as savings and long-term planning. A financial advisor can also help those struggling with debt to come up with a game plan to attack those bills.
- Update (or make!) a Last Will and Testament
We believe that everyone needs a will. And, it is important to understand that wills are not one-time transactions. It is important to periodically review and update your plan may change with changing assets, liabilities, relationships, and laws. If you don't have a Will, 2018 is a great time to put your final wishes in writing. Doing so will give you and your family great peace of mind.
- Complete your Power of Attorney and Medical Directives
Your Will isn't the only document in your estate plan. A power of attorney can direct your attorney-in-fact to make financial decisions on your behalf if you are absent or incapacitated. Medical directives can include a healthcare surrogate designation which authorizes someone to make your medical decisions on your behalf if you are unable to do so; medical directives also can include your living will which indicates to your physicians and surrogates your wishes on end of life medical care.
- Talk to your family about your end-of-life preferences.
If you are getting all of these documents prepared, it can be helpful to have a conversation with your family about your wishes. It may not be the most fun conversation, but it is important that your spouse and children know what kind of medical care you would want (or not want) if you were medically incapacitated or facing a terminal condition. Letting children know what is in your will, if appropriate under the circumstances, can place everyone on the same page. Again, although this conversation won't be the most fun thing you could imagine, it can save your family both headaches and heartache in the future.
At Brackney Law Office, PLLC, we help Kentuckians and their families with comprehensive estate planning. To begin, visit our estate planning page to learn more and to download and print the fact-finder which you'll need to bring with you to the consultation. On that page, you can also use our convenient online scheduling tool to schedule a consultation. Of course, if you have questions or want to talk don't hesitate to give Brackney Law Office, PLLC a call at (859) 559-4648.