Featured Post

Make a new year’s resolution and get your estate plan in order

Many people set resolutions at the beginning of each year. Usually, people talk about eating healthier, exercising more and saving money. When you are setting your New Year’s resolutions, make sure you also don’t forget about your estate plan. It’s important to make sure that you don’t leave your family guessing in the event that something were to happen to you, and that the state won’t be the one determining who inherits your property.

Resolution 1: Create An Estate Plan

One of the most important things you should have in your estate plan is a healthcare power of attorney and living will. The healthcare power of attorney and living will addresses your healthcare when you are incapacitated and unable to make decisions for yourself. This document allows you to appoint who you want to make your health and personal care decisions in the event that you experience a health emergency. Health and personal care decisions are unique for each person. What I want may not be the same as what my significant other, parent or sibling would want. Planning ahead will make sure that your loved ones are not left questioning who should make the decision or what you want if something does happen to you. In addition to your health decisions, you should appoint someone to make financial decisions on your behalf through a financial power of attorney. This document makes sure that there is someone who is able to help you pay your bills during your incapacity. This can be a relief for your family and friends, as they will be able to immediately assist you with your affairs if something happens. You should also plan for your estate distributions and who will be in charge of settling your estate when you pass through a last will and testament or trust. You should consider not only who you want to receive your assets when you pass, but also who you want to act as your executor to handle your estate. It will be such a relief to know that your assets are being distributed exactly how you want and won’t be going to someone you didn’t intend.

Resolution 2: Review Your Estate Plan

If you already have an estate plan, the beginning of the new year is a great time to revisit your plan and make sure it is still consistent with your wishes. Things are constantly changing in each of our lives. Estate plans should be reviewed at least once per year and updated as needed. Many of us create our estate plans and then put it out of our minds until something happens that makes us think about it again or after it’s too late. You should revisit your estate plan every year to make sure it’s still what you want in case something happens when you least expect. In addition, be sure to review your plan upon any birth, death, disability or divorce.

Resolution 3: Talk to Your Family About Your Estate Plan

Talking to your family about your plan and your wishes is a great way to make sure that everyone is on the same page and will follow your wishes. Too often, families call us and ask, “Do you know what mom wanted?” Talking about your estate plan is uncomfortable, but not knowing what someone wanted can be even more uncomfortable. It is a great idea to talk to your loved ones and have an open dialogue about your wishes.

Laurel Krajewski graduated magna cum laude with her B.A. in political science and sociology from the University of Pittsburgh. She received her J.D. from the University of Pittsburgh School of Law. While in law school, Krajewski received the CALI Excellence for the Future Award in Foundations of Legal Research and Law of Armed Conflict. She also served as the business manager and treasurer for Pitt Law Women’s Association. She and Michele Conti can be reached at (724) 784-0239.