Right around January 1st, you may have given some thought to making your New Year’s resolutions. Typically, we try to find resolutions that make our lives better in some way – things like losing weight or saving more money, for example. Something you may not have considered yet is whether your estate planning needs to be in better shape. It’s not too late to make these three resolutions about your estate planning:
Update My Documents.
There are a couple of reasons you might want to update your documents. Maybe something in your life changed last year. Maybe you realize that you signed your estate documents several years ago and haven’t looked at them since.
The beginning of the new year is a great time for reflection. Take a few minutes to go over your Will and related documents. See if anything needs to be freshened up.
Plan for Future Incapacity.
As you look over your documents, take note of one important thing: have you planned for potential incapacity. It’s not a pleasant thought, but people do sometimes become unable to handle their financial and personal affairs.
But if you do reach that point, it may be too late to appoint an agent. Instead of smoothly activating your incapacity planning, guardianship and conservatorship proceedings will begin. They’re costly, time consuming, and not the most comfortable way to handle the situation.
Do yourself and your family a favor. Set up an incapacity plan now. Hopefully, you’ll never need it.
Do My Medicaid Eligibility Planning.
Do you realize that planning for Medicaid eligibility should start five years before the incapacity hits? If you apply for Medicaid benefits, the caseworker assigned to your case will review financial documents starting up to five years before the application date.
It doesn’t hurt to go ahead and start talking to your attorney about Medicaid eligibility. Take steps today to ensure your future instead of risking your life savings to long term care expenses.
Start Your New Year Out with a Complete Estate Plan.
Don’t wait until you’re facing an emergency to make sure your estate plan is complete.
Talk to an Alabama attorney with experience and training to handle your concerns. Contact Adams & Miller, P.C. at 256-251-2137 to schedule an appointment. Though our offices are located in Anniston and Birmingham, we assist clients in surrounding communities like Talladega, Gadsden and Vestavia Hills.