Are Your Estate Plan Documents Current?
Do you or your loved ones have estate plan documents over five years old?
It is important to revisit your estate plan, especially if you, or your parents, are relying on documents executed many years ago, not just your will, but also your designations of persons to help during your lifetime.
The Durable Power of Attorney in case of incapacity appoints someone to take over your finances if you become unable to handle them. The updated statutory form is recommended and accepted more readily by financial institutions.
The Medical Power Attorney, required by doctors when you are unable to consent to medical treatment in case of an emergency should also be updated in accordance with statute and provided to primary care physicians.
Probate procedures for your executor can be streamlined for a will. For example, the will needs to be self-proving to avoid tracking down witnesses years later, needs to appoint an Independent Executor, and an independent executor can now avoid by affidavit submitting an Inventory and Appraisement to the court.
Take time to check that your estate documents, and have your parents check theirs, to see that they are updated and ready to be used if needed. It will set your mind, and theirs, at ease to know that things are properly in order.