Do You Have These Essential Documents?
You have no doubt heard about the importance of having a will. Did you know there are other essential documents that will help you prepare for the future and guide your loved ones?
The Big 4
1. Last will and testament and/or trust: Outlines who gets your assets after your lifetime and appoints a guardian for any minor children or dependents you may have.
2. Power of attorney for finances: Names a person who will have the legal right to handle financial matters on your behalf if you are unable to do so.
3. Power of attorney for health care (aka health care proxy): Names one or more individuals you trust to make medical decisions on your behalf if you cannot.
4. Living will/advance directive: Documents your wishes regarding life-sustaining care.
The Next Step: Keep Them Updated
Once you create these documents, be sure they stay current.
1. Review your will. Has your life changed since you signed yours? Review your will or living trust documents at least every few years or when you experience a major life event (change in marital status, birth or adoption of a child, etc.).
2. Update beneficiary designations. When you establish life insurance or retirement plans, you are asked to name beneficiaries of these accounts. Review these regularly to ensure your assets will pass to the appropriate loved ones.
Need to update your beneficiaries? Request a change of beneficiary form from your administrator by downloading a form from your provider’s website. You may be able to make your change online.
3. Meet with an advisor. See an estate planning attorney, financial advisor, and other trusted experts periodically to ensure you are on track for the next stage of life. They can help you draft and update your essential documents to ensure your plans still accomplish what you want them to.
We Are Here to Help
We know that getting started often can be the hardest part of documenting your plans.
That’s why we’ve partnered with the ELCA Foundation. That partnership get you access to their NEW online estate planning resources at no cost. This secure, complimentary estate planning resource gives you the power to create your own will on your timeline. It can also help you establish a power of attorney for finances, health care and advanced directive.
If you have any questions about how you can include a gift to support Mount Olive Lutheran Church or our Mission Endowment Fund in your future plans, contact our partner at the ELCA Foundation, Lisa Marie Higginbotham, CFRE, Regional Gift Planner at lisa.higginbotham@elca.org or call her at (773) 380-2477.