As you know, June 1st is the beginning of hurricane season. As always, this time of year provides a moment for the residents of New Orleans and the surrounding areas to make their storm preparations.
However, it is also a good time to get into the habit of making a review of your estate plan part of those preparations as well.
In addition to the stocking of normal supplies, you should remember to put all of your important documents together in a secure location in a waterproof container. These documents should consist of your insurance policies, wills, birth certificates, marriage certificates, banking information, powers of attorney, living wills, titles to property, etc.
It is also a good time for you to reflect on your estate planning agenda and see if you have all of your plans in place.
Here are a few questions you should ask yourself every year at this time.
Do you have a will, living will, and Power of Attorney?
Have you named beneficiaries on your IRA and life insurance policy? Do you need to change any of those beneficiaries?
Have there been changes in your life situation for which your will and estate planning agenda needs to be revisited, such as the birth of a new child, a death in the family, or the start of a new job or business?
Using hurricane season as a reminder every year to think about your estate plan, will always make your plan current with your family's needs.
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Many & LoCoco
Attorneys at Law
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