We are well into October. In Alaska, we know what that means: cleaning up the yard, putting the outside lights up, changing our tires to studs, making sure there is an ice scraper and emergency supplies in the car, and maybe planning a warm vacation to break up the winter.
October is also the time to change the battery in your smoke alarm and carbon monoxide detector. I want you to add reviewing your estate plan to the changing of the batteries in your home. I want you to hook these two events together, because they are both in place to protect your loved ones.
When you review your estate plan, I want you to consider who you gave authority to make decisions for you in case you have an accident or illness, who did you name to be your executor in your will, who did you name to be a guardian of your children, who did you name to be a successor trustee in your trust. Do the people you put in these roles still work for you? Has anything happened since you created your estate plan that would give you pause?
I had a client who created his estate plan and jumped on a plane to an exotic location for three weeks. When he came home he was hospitalized for three weeks with an aneurism. His step-daughter stepped in when he was intubated and said to pull out the tube. Fortunately, he was able to breathe on his own. After this incident, he changed the agent in his healthcare directive to his step-daughter. She had his back.
Are the right people in place to take care of you and your family?
If you are not sure and want to review, and revise your plan, please call me to schedule a consultation. My office number is (907) 334-9200.