Author's Insights

Wills

January is always a time in our household that we clean out the files from the previous year in preparation for filing taxes and making more room for the coming year's records.

It is also a great time to pull out and review our legal documents, insurance policies, investment and banking accounts.

If you have not done so to date, now is the time to contact an attorney to create a Will, Durable Power of Attorney, Healthcare Representative and other legal documents you might need, that will greatly reduce the difficulty for your family or representatives when the time comes!

I have encountered so many people who have shared with me that they have a Will that was created 15-20 years ago, but they have never pulled the Will out of the safe since then to review. Think about all that has changed within your family over the past 15-20 years. People have died or become incapacitated from a mental or medical situation. People have married or divorce. Finances have changed in a positive or negative way. Possessions have changed.

My husband and I make it a point to thoroughly review our Wills, at minimum, every five years. Surprisingly, we have tweaked our Wills just a little each time to reflect the changes that have occurred in our lives.

Often, adult kids have no clue if their parents ever created a Will, and if they did, where it is located or who the attorney was. If you are an adult child, this is a great conversation to have with your parents now versus when they become ill or incapacitated. And parents, this is a great time to talk to your adult children or representative now before something happens to you!

Other people have shared with me that they just can't make decisions regarding the content that typically is covered in a Will. Who receives what? Is each heir treated equally? Will I make someone mad? How can I ask one person/adult child to be the Executor and not another? My reply is, “let your attorney walk you through this process!” Don't let your own fears and anxiety keep you from moving forward with this very important step of estate planning.

Often, the next question is, “I don't have an attorney. Who should I see?” Selecting an attorney who practices estate planning or family/elder law is your best bet. Your attorney will be able to guide you through what documents are most important for you based on your age and life circumstances. They will help you work through the difficult decision making that is sometimes necessary.

DISCLAIMER:  The author of When The Time Comes does not claim to be an expert in the fields of banking, investments, accounting, insurance, real estate or law. The author does not provide legal advice. The information contained in this binder comes from the personal experience of the author working with families and individuals over the past 40 years as a registered nurse, health advocate, POA, Guardian and through pastoral care. Readers are advised to contact experts in the respective fields listed in the binder for additional information.

© 2022 Carol Havens | All rights reserved
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