Estate Planning as a Career

If you become disabled suddenly through a car accident or health calamity, will your family or significant other know what your wishes are? If you die suddenly, will those closest to you know what to do? Will they know where your pertinent papers are kept or what assets may be available for your care?

While you are well and there are no health issues before you is a good time to begin to become organized. One area that is an absolute in this process is to have your estate planning up to date. At a minimum, you will need a will and financial power of attorney which will appoint the proper people to handle your matters for you either during life or upon your death. A copy of these documents should be kept in a binder with your attorney’s card on the inside. Make a list of all of your professionals who assist you such as your CPA, certified financial planner, life insurance agent, banker, physician and include the addresses and phone numbers for each such person. You should let the people appointed know the location of that binder so that it is available in the event that you need it.

In the event that you do not want to be kept alive by artificial means if your physician deems that you are in a terminal state, you should also have a living will and a power of attorney for health care, which should be kept in the same binder. A copy of the financial power of attorney, which contains the HIPAA language that allows your agent to access your medical information, the living will and the power of attorney for health care should be given to your principal physician just in case it is needed. If you travel, you should consider taking a copy of these documents with you, in case they are needed.

Another very helpful binder would be one that contained a list of every asset you own, including real estate, bank accounts, CD’s, mutual funds, broker (more…)