As I noted in this video blog, for those looking to accomplish something (important) from home during the COVID-19 stay-at-home order, here are three things that you can do to get your estate planning documents up to date:
Organize Your Documents
One tip is to have an emergency document or “cheat sheet.” That way, all of your key information is readily available for your loved ones to access in case of an emergency. I also advise my clients to have a secure location where they can keep their passwords.
At Rincker Law, we provide all of our clients with a custom estate planning binder. It really doesn’t matter what kind of tool you use to stay organized — whether it’s a folder, binder, etc. — as long as it allows you to organize your important documents in a way that makes it easy to retrieve them.
Check Your Beneficiaries
Review your retirement accounts, investments, and/or insurance policies to check the beneficiaries. Are the beneficiaries who you think they are? Granted, this is not a fun task, but it needs to be done. Go ahead and contact the providers to make sure that your beneficiaries are correctly named on your accounts.
Update Estate Planning Documents
Be certain that all of your estate planning documents, such as your Powers of Attorney and Last Will and Testament, are up to date. I recommend updating them every two to three years.
If you don’t have those documents, this is a great time to get them. Attorneys like me are able to virtually meet with clients thanks to Zoom and GoToMeeting. We can get those documents drafted or updated, whether you are in New York or Illinois. There is even electronic notarization at this point, which helps streamline the process.
Revisiting your estate documents is a high-level chore, but it’s one that requires your personal attention. We are here to help you. Contact us today to schedule a consultation with one of our experienced attorneys.