This year it seems like every day there is a notice that we have lost another person:
Whether it be Bob Gibson, RBG, Tom Seaver, Eddie Van Halen, or the over 200,000 other Americans who have been taken from us due to the coronavirus.
2020 has already been a sobering year.
One where our own invincibility has come into question; and the inevitable has come more into focus.
For me, the kick to the gut was EVH passing.
Hard to believe it was 25 years ago I was sitting on the lawn at the Garden State Arts Center in Holmdel, N.J. paying witness to one of my favorite bands of all time: Van Halen.
Getting to see Eddie play his infamous solo is one of those moments I will always remember.
I don’t know what it is when we lose our heroes, but it catapults our own mortality to the front and center.
And with all of these folks passing it ironically brings to the forefront our own personal need to make sure we develop a proper estate plan.
With that in mind, and October being Estate Planning month, I felt it was as good a time as any to remind folks to review their estate plans to ensure it reflects your intentions.
These are some basic documents everyone should have:
-Advanced Medical Directives
-Durable Power of Attorney
-Guardianship (if you are a parent)
This isn’t a complete list as it varies based on your situation, but it is enough to get you started.
Additionally, be sure to review your beneficiaries at least annually. You never know who is or is not listed, but here is a fun fact: Beneficiaries override wills.
If your will says one thing and the beneficiary document says another, then the beneficiary wins.
Essentially view it like this: Would you be pleased with the way things were distributed?
How you feel after answering that question will let you know whether or not your estate plan is adequate or not.