Super Bowl Sunday is coming, and I am making plans already. My lists include who is coming over to watch the game, what to eat and drink. I’m digging up recipes for dips, wings and chili. I have time to stock up on exotic beers. And, oh, some low carb beers to help keep some resolutions.
Are you still trying to keep your resolutions? If you wanted to create an estate plan there’s still time. I’ll give you three tips to get it done before the big game.
To make it easier, I have a bonus to help. It’s a free ebook I wrote called “Are You Risking Your Family’s Future?” It will score a touchdown for your family. You have no obligations.
Three tips to make your estate plan resolutions
It’s not too late to complete your estate planning resolutions. You have three weeks before the game. That is enough time to do it.
1. Set a date.
Having a target to sign estate planning documents helps you follow through on resolutions. You need to find the right lawyer to give you two appointments. The first will be to review your needs and legal requirements. The second date is to sign your documents before February’s game.
Everyone doing estate planning can benefit from proper legal advice. If you are so sure your online forms will work, have a lawyer check them. Make sure you use lawyers who spend at least 25% of their time making wills.
2. Do something every day.
Start the conversation with your family over coffee. Read my free estate planning guide, Estate Planning: 7 Keys to Success. It’s a plain language how to guide.
Meeting with a lawyer can be stressful. Find out if you will be charged by a block fee or by time. Either way, make sure you come prepared. Make a list of your questions. This ensures you get the most from your meeting.
3. Plan a reward.
Estate planning is the right thing to do for your loved ones. Having powers of attorney can also protect you and your money. So celebrate super bowl style with a party. It does not have to be more expensive than having jumbo shrimp or real crab in the dip. Promise yourself something for a job well done.
Include Wills and Powers of Attorney in your plan
Your Estate Plan has a variety of tools, including these three documents:
1) Will to name executors to distribute your property.
2) Power of Attorney for your financial affairs.
3) Power of Attorney for health-care decisions.
Let’s look at the essential documents you’ll need:
• Names an executor and backup executor
• Names beneficiaries of gifts and allows for tax planning
• Appoints trustee to hold gifts in trust
• Appoints guardians to care for underage children
2. Power of Attorney for Property or Finances
• Names someone as a financial attorney
• Specifies conditions and/or restrictions on your attorney
• Is effective while you are alive
• Usually states it is valid if you are incapable (durable)
3. Power of Attorney for Personal or Medical Care
• Also called health or medical care attorney proxies
• Authorizes health and personal-care decision makers
• May include attachments regarding your medical directives or treatment options
• Valid only if you cannot make your own decisions
Don`t fumble the ball. Get my free super bowl special “Are You Risking Your Family’s Future?” Discover the secret winning moves instantly by reading my free ebook. Please let me know if you find it helpful.
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About Edward Olkovich
Edward Olkovich (BA, LLB, TEP, C.S.) is a nationally recognized author and estate expert. He is a Toronto estate lawyer and Certified Specialist in Estates and Trusts. Edward has practiced law since 1978 and is the author of Executor Kung Fu. Visit his website, mrwills.com, for more free valuable information.
© Edward Olkovich 2013