Spring Cleaning Your Estate Plan

Author

Aging in Alabama

For more information about the author, click to view their website: Aging in Alabama

Posted on

Jul 11, 2022

Book/Edition

Alabama - Gulf Coast

Now that spring has sprung and COVID restrictions are not dominating our daily lives, we need to get back to the basics.  Time to change your linens, clean those baseboards and review your documents!

At a minimum, everyone needs a Durable Power of Attorney for financial matters and one for health care issues.  It is surprising to me how few people execute this very basic estate document.  If you don’t have one, and you have a massive stroke, your family will likely have to go to court in order to handle your most basic personal financial matters.  This cost thousands of dollars and is a very difficult process on your loved ones.

Next, everyone should execute an Advanced Directive for Health Care, which is also known as a living will.  This document allows you to choose ahead of time whether you would want to have your life artificially extended by the administration of medicine or machines, and whether you wish to have food or water given to you through a tube or IV.  If you do not have this document and catastrophe strikes, the hospital must take the maximum steps to keep you alive, and often the client is then sent to a nursing home where they can live a very long time under these circumstances.  Many do not want this to happen.  If this is the case, execute this document.  For Alabama, this document can be located for free on the Alabama Hospital Association’s website.  Most hospitals, hospice companies and doctor’s offices can also provide the form.

This document is often associated with a “DNR” or “Do Not Resuscitate” form.  That form is initiated by your physician most often, and is available for you if you reach the stage of your life that you really have no quality of life.  This is not a required document, even though a lot of facilities would prefer it and may infer that it is required.  You are the master of your destiny and you get to choose how your life ends.

The next, most common document is the Last Will and Testament.  Everyone should have one, even if you put your children as beneficiary on your accounts and policies.  There may be a reason to open an estate and it will be more expensive and time consuming if you do not execute a will.  You should appoint a Personal Representative and should dictate who gets what property.  If you just want to say, “I want my children to have my stuff,” then the document will divide your “residuary” estate.  A common problem I see is where someone has a child they have raised but never formally adopted, or a partner they didn’t marry, and those will be left out of any estate if you do not write a will.

The last document you may want to consider is a Trust.  We are living in more complicated times, and it is important to have a will, however, that will needs to be probated in court to take effect following your death.  One way to exercise more control over your situation after your death is to set up a trust, that will manage the property over time.  

If you have a set of documents that have been completed, make an appointment to determine if any changes should be made.  Laws and circumstances change all the time, so it is important to keep up with those changes.

Talk to your estate professional as soon as possible and get your spring cleaning under way!  If you are concerned about getting out in person, call and set up a virtual appointment. 

Editor's Note:  This article was submitted by Kyla G. Kelim, Esq., Aging in Alabama

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