Careful planning now can help you establish long-term security for
your family

Technically, the state in which you reside has a series of laws and guidelines that cover the disposition of an estate in the event no wills or trusts exist. This is handled through the probate court. The problems with relying on that approach range from a lack of privacy, as anything that goes through the probate courts is public record, as well as having no guarantees that the state laws and guidelines will match your wishes and intents. If you have a desire for privacy, have a spouse or dependents, any property or financial accounts, or any specific desires or wishes for them, you should consider drafting basic estate documents.

Estate documents aren’t only helpful for planning in the event of a death. Planning for incapacity or illness also can be accomplished through properly drafted and coordinated documents such as a durable power of attorney and medical directives. Making sure you have expressed your wishes and intent in writing in advance of the unexpected is important and an often-overlooked aspect of estate planning.

There is no clear rule or guideline other than to say, you and your advisory team should review them every couple of years to ensure the instructions given to your designated agents are still in alignment with your wishes. Additional reasons to update your documents could also be due to a significant change in your life such as new dependents, a marital change, a change in your practice, or your physical location. One last item to regularly review is the selection of your designated agent(s), executor(s), and beneficiaries. These are the individuals that will execute and receive the benefit of your instructions. Ensuring they are prepared and knowledgeable about the tasks required and your intent is an important consideration.