Melissa “Lisa” Clasen is an attorney practicing in the areas of estate planning, such as wills, trusts, financial and medical powers of attorney, probate and trust administration. Her office is located in Stuart, Florida, and she can be reached at lisa@clasenlaw.com or (772)212-4876.
As we enter a new year, some of us are resolution makers, some of us are goal setters, while others just flip the calendar and try to remember to write 2023 instead of 2022. An often-overlooked task omitted from the resolution or goal list is a review of financial and estate planning documents.
Assuming you have an estate plan in place, such as a Will, a Trust, or a Power of Attorney, do you know where the original documents are located? Do you remember who you appointed to do what tasks for you? Do those persons remain healthy, available and trustworthy? Circumstances change and life events mandate a periodic review of any plans you have in place, and if you do not have a documented plan, perhaps 2023 will be the year you set this goal for yourself.
Everyone over the age of 18 needs a Durable Power of Attorney and a Designation of Health Care Surrogate. These documents provide much-needed and much-appreciated guidance for your loved ones to make important decisions for you if you are unable to do so yourself. You have the opportunity to save your loved ones the personal struggle that comes with such decision-making. In a critical situation, these documents may prevent an expensive and intrusive court-supervised guardianship proceeding. If you have these documents, read them again to remind yourself of those persons you named to act for you and make changes if necessary.
Do you have a Last Will and Testament or a Trust? If so, do you remember what they say, who will handle your estate or trust, and who will receive your assets? Have circumstances changed for any of your beneficiaries (i.e. marriage, divorce, illness)? Do you have a favorite charity? You may remember them in your Will or Trust as well. You do not need to be wealthy to make a gift to your favorite charity. There is no such thing as a small gift. It doesn’t matter whether you have one hundred dollars or one million dollars, everyone needs a Will. If you do not have a Will, and you die owning anything, the State of Florida dictates who gets your property and who will serve as your personal representative (Florida’s word for “executor”), and Florida’s choice may not be your choice. And parents, if you have minor children, a Trust is invaluable for the care and well-being of your children if you are unable to provide that care for any reason.
Even if you are not a resolution maker, consider setting a goal to make 2023 the year you become proactive in planning for your and your family’s future well-being.
