Creating your last will and testament is important.
You have heard tragic tale after tragic tale of celebrities dying without a will.
This is costly in time, emotions, and money.
According to a recent The Minneapolis Star Tribune article titled “How to get started on making a will,” it is not only celebrities who make this mistake.
You should start your own estate planning now.
Work with an estate planning attorney to create a plan to meet your needs.
This should include drafting a general durable power of attorney and an advance health care directive.
If you wish, your attorney can also help you create an ethical will.
What does this do?
It helps communicate your values, priorities, and traditions to your family.
Do not be afraid to talk to your family about hard topics.
Avoiding a "failure to communicate" your wishes will benefit everyone.
Speaking of "communication," be sure to provide copies of your executed general durable power of attorney to each of your appointed agents and every financial institution where you do business.
And that advance health care directive? Provide a copy to each of your appointed agents and any physicians you see. While you are at it, discuss your health care wishes with each of them or communicate them in a "letter of instructions" you may revise and share from time to time as those wishes may change.
Finally, share the details of your estate distribution plan now to head off inheritance fights later. Better to gauge the temperature while you can still turn down the heat as needed.
Reference: Minneapolis Star Tribune (September 8, 2018) “How to get started on making a will”