Saturday, May 3, 2014
While estate planning is not synonymous with fun, it is absolutely necessary. Just like planning for retirement, you must plan for the inevitable. In drafting your estate plan, there are several important questions to ask yourself:
- Does my spouse know our financial advisor? If you are in charge of finances, it is likely your spouse does not know your financial advisor. Thus, if you are the first one to pass, your spouse would be dependent on someone they hardly know. Make an appointment for financial review and bring your spouse along.
- Does my spouse know how to access all accounts? The surviving spouse will need to access money to cover funeral expenses, hospital bills, and day-to-day living expenses. Ensure your loved ones know where to find information to access accounts to avoid confusion later.
- Are our wills up to date? Life events such as births, deaths, marriages, divorces and job changes mean that you will need to update your will and beneficiary designations.
See Scott Holsopple, 3 Important Estate Planning Questions, The Smarter Investor, May 1, 2014.
Special thanks to Brian Cohan (Attorney at Law, Law Offices of Brian J. Cohan, P.C.) for bringing this article to my attention.