Memorial Day Weekend & Thinking About Your Family
The time of year has finally arrived where allergies are at an all time high and Weber Grills are beginning to be fired up. Whether we’re traveling near or far with family, it’s a perfect time to double check if you packed the sunscreen and also self-reflect your family values, goals and ask “What Do I Want My Legacy to Look Like or Is My Family Taken Care of If Something Happens to Me?”
Full-time jobs, raising young children, volunteer work, hobbies, etc. The list goes on and before you know it another year or two flies by and that to-do list continues to gather dust. Often, we try to avoid uncomfortable conversations to make our gatherings as shiny and bright as possible, yet there is rarely another time of year when all of your loved ones are gathered together in one place. You’re finally able to sit at the picnic table to enjoy your BBQ, look around the room and see the people most important to you. We’re not suggesting to tackle all of your money-related questions during the seventh inning stretch of the Yankees or Mets game, but one item which should be at the top of your mind or “to-do” list is Estate planning.
Estate planning is the process of organizing your Estate and what happens to it after you pass away. An estate plan helps to build a legacy, ensure your family is taken care of, and clarifies how you want your medical care and estate to be handled if you’re unable to communicate your wishes after an accident or medical emergency. It also encompasses other things like how you want your children to be cared for through a guardianship clause in your will, and more.
A good place for all adults to start with their estate plan is to make sure that you have executed these key documents:
- Durable Power of Attorney – Allows Someone to Act as Attorney in Fact
- Living Will & Medical Directives – Provides Guidelines | POA Usually Not Substitute
- Healthcare POA – Appoints Someone to Make Healthcare Decisions
- Revocable Trust – For Privacy & Shields Assets from Probate
Again, we’re not recommending to bring up these handful of items the second you sit down but when you’re sipping on a cold drink or enjoying the food hot off the grill, take a moment to self-reflect and think about the above questions and general topics. Unlike market volatility and inflation, estate planning is an important planning issue where you do have some control and be proactive so your family isn’t left picking up the pieces of playing catch up.
Each of the above questions and documents (Durable POA, Living Will & Medical Directives, etc.) can be an article on its own so if you have any questions or thoughts on where to begin your thought process, please do not hesitate to reach out your ACM Wealth Advisor. Enjoy your long weekend and don’t burn the burgers!
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