Life Changes Our Plans

If you have already done some planning for your family, that is great. But when was the last time you reviewed your plans? 

If it has been longer than three years since you last reviewed your plan, you should take a look at it. Does your current plan still meet your family's goals?

In addition to talking about your plans for your property and finances, you should also discuss your wishes concerning your medical care in the event you are incapacitated. Advance directives name who you trust to take care of you and your finances, if you are not able to do so yourself.

• Have you prepared a Healthcare Proxy and Living Will to name an agent and express your wishes concerning your medical care? 
• Have you prepared a Power of Attorney to designate an agent to handle your financial matters?

Do you have children? 

• If they are young, have you thought about who you want to raise your children (and how they will be raised) in the event you are not there for them? Do you have plans in place for a temporary guardian for your children in the event you are incapacitated or unable to be there for them when they need you?
• If your children are young adults, encourage them to do some planning. Once a child becomes an adult, parents do not have the legal right to access financial accounts and health information.  If an adult child wants parents or other trusted persons to help manage finances or health care, advanced directives should be prepared.

If your children are young adults, have you talked about their finances and their health care wishes? As our children become adults, we lose the ability to make some decisions on their behalf. Now is the time to start talking about these matters.  

Let's take a look and see if your current plans meet your family's goals for the future.