For many of us, September has that same ‘new beginning’ feeling as January, no doubt a result of all of those years of going back to school this time of year.  Even though it may be many years since we were in school ourselves, or even had children going back to school, that new beginning feeling persists.  Regardless of your age, or the age of your children, take advantage of that new beginning energy to put your affairs in order.  Here are 5 reasons to address your estate plan regardless of your age or stage in life:

• If you are a parent you know that feeling of wanting to protect your children at all costs. If you have school-age children and you don’t have a Will, or if you haven’t reviewed your estate plan for a few years, take the time to do that now.  As a parent, making sure your children are taken care of in the event you are not able to do so is of vital importance.
• If you have children heading off to college, encourage them to sign a Health Care Proxy and HIPAA Authorization that will ensure you are able to obtain information about your child if she gets sick or has an accident while at school. There’s nothing more frustrating to the parent of a college student than being told that Mom and Dad are not entitled to any information about their child who is in a hospital hundreds or thousands of miles away.
• If you are at the stage where your children are out of the nest and finding their way in the world, it may be time to revisit the fiduciary appointments in your documents and consider whether your children are ready to step into those positions. This includes serving as the Personal Representative of your Will (formerly called ‘executor’), or acting as your attorney-in-fact under a Durable Power of Attorney and/or as Trustee of your Trust.  If your out-of-the-nest children are not as financially responsible as you wish they would be, consider incorporating asset protection into your estate plan for assets protection purposes.  A Trust can protect an inheritance from the reach of your child’s creditors such as a divorcing spouse, bankruptcy, credit card debt, a lawsuit, a failing business, or other issues young adults may encounter.
• If you’re retired with adult children who have children of their own, consider the distribution provisions of your plan. If your children are well off in their own right, generation skipping trusts which avoid taxation of an inheritance in your child’s estate may be appropriate.
• If you or your spouse are experiencing age-related health issues and are concerned about protecting assets against having to be spent down on long-term care costs make an appointment to consult with an elder law attorney to learn what options and opportunities are available for paying for care and protecting assets.

While I will miss the slow, lazy feel of summer days, I love the ‘back to school’ energy that September brings.  Put that energy to good use reviewing your estate plan and taking steps to update it if necessary!

September 2015