ESTATE PLANNING: BE ALERT!
It’s been a long time since Bob Dylan sang, Oh the times, they are a changin’. One thing’s for sure, though: change is constant. In this post-covid era, many things have changed, and not always for the better.
The Great Resignation required employers to get creative and be more generous to attract and keep talent. However, the economic climate also forced companies to reduce expenditures, including employee benefits. That includes retirement benefits.
How does that affect you? It’s important to pay attention to these widespread changes to working conditions, especially to how they’ve affected your employment, your wages, your commissions, your stock portfolio, and your retirement benefits.
How do you do that? One way is to Be ALERT!
ALERT is an acronym that can help you follow up on the critical aspects of your own estate and retirement plans.
A stands for Assessing your estate plan post covid.
When was the last time you took a look at your estate plan? Do you even have an estate plan?
Your plan should include:
- A will
- Maybe a trust
- Beneficiary designations
- Letter of intent
- Healthcare power of attorney
- Guardianship designations
L stands for engaging an Estates & Trust Lawyer.
There is no substitute for having a professional create or review your estate documents. An experienced estate and trust lawyer will discuss with you your circumstances and wishes for your future and will know best how to ensure your wishes are carried out.
E stands for Enhancing your own estate plan.
When you talk with your estate and trust lawyer, s/he will have multiple options for enhancing and maximizing your estate plan. Together you can make sure your plan gives you confidence and comfort.
R stands for Review and Revise as necessary.
It’s surprising how fast time goes by. You may not have reviewed your estate and trust plan in years. In that time, new laws have been enacted that may change how your will would impact your beneficiaries. Take the time today to make an appointment to review your documents with a knowledgeable lawyer.
T stands for Tie it all up.
Once you’ve taken all the above steps, your attorney will develop or revise your plan as you’ve requested. When it’s ready, you’ll sign it in front of witnesses, and your attorney will likely keep a copy, will give you a copy of the documents to keep, and may give you a copy of your estate documents to give to your chosen executor/trix.
If you need assistance to create or revise your estate plan documents or have questions about what is right for you, don’t delay! Contact an experienced attorney today at Sussan Greenwald & Wesler.
609-409-3500