Valentine’s Day is special to many folks. It is a time to show our affection for loved ones and let them know how special they are.
As a child, you may remember getting a box of chocolates from your parents letting you know that your were special and loved in their eyes. Of course, as life moves along, your sweetheart, spouse or significant other has likely showered you with tokens of their affection.
For many, love letters, cards, jewelry, flowers, teddy bears and chocolates are ideal ways to express admiration. However, love letters come in many varieties.
The love letters that come to mind when I think of heirs has to deal with these 5 Estate Planning items:
- Up-to date Beneficiary Designations – are your beneficiary forms up-to date and reflect your wishes for who you want to receive your assets (Bank accounts, Retirement Accounts, Life Insurance, etc.)?
- Power of Attorney – if you are incapacitated who will handle your daily living/business matters?
- Advance Directive – how do you want to be treated if you have a serious illness?
- Will – who will handle the gathering and distribution of your assets, and who have you named as guardian for your minor children?
- Trust – what are your wishes for a trustee to manage and distribute funds to heirs?
What will you share with your heirs in your love letters? Something to think about as you celebrate those you love on Valentine’s Day and throughout the year.
Aquanetta J. Betts is an attorney licensed in The District of Columbia and Maryland. She focuses her practice on the areas of: estate planning, planned giving for non-profits and small business law. Connect with her on Twitter and LinkedIn.
This article is for informational purposes only and provides no legal advice. You should consult with an attorney about your particular situation.