May 2024.
The vacation is all planned, tickets bought, pet sitters engaged, but … “Hon, did we ever sign that will?”
“What will? The one you downloaded? No, because we could never figure out the thing for the kids’ money.”
“Oh, yeah. Well, do you want to pull it up again?”
“Are you kidding? After the argument we got into last time?”
“Well, what about talking to a lawyer? There’s this guy the neighbors mentioned …”
Before you board the plane, make sure you’re not leaving legal chaos behind.
Your Will: Is your will up-to-date? Does it still name your deceased brother as executor?
Your Powers of Attorney: If you weren’t able to make decisions for yourself – or if you weren’t able to get home when you plan to – is there someone still local who can take care of your affairs?
Your Medical Directives: If the unthinkable happens, and you can’t direct your own care, have you named someone who won’t be on the plane with you who can tell the doctors what you want?
Your Beneficiary Designations: IRAs, 401(k)s, life insurance policies have beneficiaries and contingent beneficiaries in case your named beneficiary doesn’t survive you. Your bank and brokerage accounts, vehicle titles and house deed can have beneficiaries, too. Are these completed and up-to-date?
Your Important Documents: Does someone still here or hereabouts know where to find your important documents? Do you even know where they are? Are they someplace secure?
Your Important People: Have you taken the time to list the important people in your life, and how to contact them? Your lawyer (obviously!), accountant, broker, insurance agent(s), benefits and retirement offices, doctors, others with important roles in your life.
Your Important Stuff: Do you have a list of your accounts and asset custodians, with account numbers and contact information? Your survivors will thank you.
Taking an hour to gather and review – and update – these and other important items can make life easier for those you might leave behind, and will let you vacate with an easier mind. A few minutes and – maybe – a few dollars in that regard might be a wise investment.
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Attorney Tim Barkley
The Tim Barkley Law Offices
One Park Avenue
P.O. Box 1136
Mount Airy
Maryland 21771
(301) 829-3778
Wills & Trusts | Estate Planning | Probates & Estates
Elder Law | Real Estate | Business Planning