By Vincent B. “Chip” LoCoco
As hurricane season begins, it does provide a moment for the residents of New Orleans and the surrounding areas to think about their storm preparations and how those preparations relate to estate planning.
Of course, the beginning of hurricane season is a perfect time to begin the process of preparing for what the season may bring. 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, 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. Do you have a will, living will, and Power of Attorney. Have you named beneficiaries on your IRA and life insurance policy. Have there been changes in your life situation in which your will and estate planning agenda needs to be revisted.
Using hurricane season as a reminder every year to think about your estate plan, will always make your plan current with your needs.
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