Paul O. Dillon, Attorney at Law

Living Your Best Life Solo? You Still Need an Estate Plan

Whether relying on informal networks of “found” family, trusted friends, or professionals, solo agers must plan for the inevitable aging events. A recent article, “Solo Aging: Planning for Your Best Life,” from The National Law Journal, shares the details.

Most importantly, decisions about health care and end-of-life care need to be documented as part of your estate plan, and a person you trust implicitly needs to be named in the role of your healthcare proxy. You’ll need to make sure they are comfortable in this role and willing to enact your wishes, even if they disagree with them. They will also need to have access to the estate planning documents needed, including a Healthcare Power of Attorney, Living Will, HIPAA Release and any other documents your state may require.

You’ll also want to have a Power of Attorney prepared by an experienced estate planning attorney, naming a primary and a secondary person to manage your financial and legal life if you become incapacitated. If your candidates are around the same age as you, remember they may not be able to act when you need them to, so, if possible, name younger people to serve if they cannot.

Think beyond the basics. Depending upon where you live, you may want to have a POLST (Practitioner Order on Life-Sustaining Treatment) or MOLST (Medical Orders for Life-Sustaining Treatment) to state your wishes regarding life-sustaining treatment. Some people do not wish to have CPR performed on them in the event of a cardiac arrest and have a DNR (Do Not Resuscitate) document.

You’ll want to have a financial care plan to address emergencies. Seniors 65 and older are nearly 70% likely to need some long-term care in the next two or three decades of their life. If you don’t already own a Long-Term Care insurance policy, it’s time to consider whether you can purchase one. These are now often sold as part of a life insurance policy.

A last will and testament is needed to direct the disposition of your possessions after you die. If you don’t have one, your state’s laws will govern who receives your assets. Even if you have a long-standing relationship with a partner or best friend, they have no legal rights to inherit your property. A distant relative may be located by the court and inherit everything you own instead.

A last will is used to name an executor to manage your estate. This person will be responsible for more than distributing your assets. They are also tasked with gathering information about financial accounts, applying for a tax ID number for your estate bank account, gathering assets and placing them into the estate bank account, paying your final taxes, notifying Social Security of your passing, and filing an estate tax return.

Today’s estate plan includes planning for digital assets, so your social media accounts, emails, online photos and videos, gaming, subscriptions, cryptocurrency, and all other digital accounts are managed.

For the solo ager, having an estate plan protects you while you are living and protects your estate after you have passed. It takes some extra steps when compared to the planning done by married people. However, the peace of mind of expressing your wishes is the same, and you deserve this.

Reference: The National Law Journal (Jan. 10, 2025) “Solo Aging: Planning for Your Best Life”

What Happens If Aging Parents Won’t Discuss or are Ill-Informed about Estate Planning?

For the past 10 years, a librarian in southern California has lived in a no-win situation. Andre, one of four siblings, agreed to serve as executor—but their parents won’t say anything about their assets, their wishes, or their estate plan. This situation, detailed in the article “Estate Plan Crisis: What To Do When Your Parents Won’t Communicate” from next avenue, is common and will test sibling relationships unnecessarily.

The only thing Andre knows is that each parent has a financial and medical Power of Attorney for the other. This legal document names a person, referred to as the “agent,” who can fulfill the person’s wishes if they become incapacitated. If you have a POA, you should also have a successor POA. In the case of Andre’s parents, where both parents are elderly, having a backup is paramount, as it’s entirely possible both parents could be incapacitated at the same time. In keeping with their closed-door policy, Andre’s request for an alternate POA was denied, with parents claiming the executor would automatically have power of attorney if they become incapacitated. This is simply wrong. The POA dies with the person.

Conversations with Andre’s siblings were as fruitless as the conversations with their parents. They didn’t want to get involved, even though they may be more qualified than Andre to manage an estate.

Why would parents do this to their children? Many elderly people say they don’t want to create an estate plan to be a burden on their children. However, this is completely backwards. Having an estate plan created by an experienced estate planning attorney reduces the burden, giving offspring the tools to carry out their parent’s wishes and making life easier for them.

Another common mistake: people think children or spouses have the automatic right to make medical or legal decisions in a crisis. Without the correct legal documents (POA, HIPAA Release, Advanced Directive or Living Will, Healthcare Proxy and others), spouses and children have no right to speak with physicians or be involved with medical decisions.

If the correct estate planning documents are not in place, someone else makes a host of decisions. Doctors may make life-or-death decisions. A guardian will be in charge of an incapacitated person’s finances. Courts will appoint administrators to distribute assets. Minor children will be raised by whoever the court believes will be their best caretakers.

Estate planning need not be complicated. It starts with a consultation with an estate planning attorney, who will explain what is needed in your state. Their guidance will prevent disasters, like the one facing Andre.

• A few pointers:
• Be consistent with beneficiaries, titles and deeds. All estate planning documents, including wills, beneficiary designations, trusts and transfer-on-death designations, need to work together. For instance, if you name a nephew as the beneficiary designation on your IRA and then name your niece to receive the same IRA in your will, the designation on the IRA will override your will. Your niece and nephew may not speak to each other again.
• If you move to another state, you may need to revise estate documents, since these are state-specific laws.
• Most importantly, meet with an estate planning attorney, have an estate plan created and talk with your executor and your heirs about your plan. More communication, not less, is a worthy legacy.

Reference: next avenue (Dec. 2, 2024) “Estate Plan Crisis: What To Do When Your Parents Won’t Communicate”

Discussing Estate Planning in the Holiday Season

With so many families living in distant states, the holiday season is often the only time everyone is together. A family gathering can provide a chance to talk about major life changes and plans for the future, including estate planning issues. It can be tricky to navigate. However, some conversations are simply better in person. A recent article from Independent Record, “How to tackle estate planning with loved ones this holiday season” outlines topics to cover.

Beneficiary Designations. Upon opening savings, investment and retirement accounts, an option is usually provided to name a beneficiary. This tells the financial institution who is to receive the asset upon the owner's death, similar to how a beneficiary is named on a life insurance policy. There are often contingent beneficiaries if the primary has died or does not want to receive the assets.

Beneficiary designations should be checked every few years and when certain triggering life events occur, like death, divorce, or marriage. Some financial institutions have default beneficiary designations, so the owner should also have this information. The beneficiary receives these assets outside of the will, avoiding probate in most cases. Tax treatments of these instruments may differ, so they should be reviewed with an estate planning attorney to see how they work with the estate plan.

Power of Attorney. The POA is a document allowing an individual to name someone to make decisions on their behalf if they are incapacitated. This document should be discussed with the chosen person, usually a spouse, adult child, trusted friend, or an estate planning attorney, with their consent. If there are issues with family members, a non-family member may be a better choice.

There are different types of POA. A durable POA takes effect immediately and doesn’t expire. A non-durable POA is valid for only a specific period of time. The healthcare POA, also known as a healthcare proxy, is also needed for another person to be involved in medical care: spouses are not automatically given these rights. A HIPAA release form should also be in place, so the POA can talk with doctors and others involved in medical care.

Wills and Trusts. If there is no will, the person’s assets are distributed according to the laws of the state, which, in most cases, is decided based on kinship. Most people opt to have a will to decide how their assets are distributed.

Trusts establish a separate legal entity managed by a trustee, who also oversees distribution at the time indicated in the language of the trust. Unlike a will, assets in a trust are distributed privately and outside the court system, meaning they don’t pass through probate. An experienced estate planning attorney creates a trust to meet the specific needs of the grantor.

It’s a good idea to talk about these issues while the family members are well and able to discuss them with a clear head. An estate planning attorney will help with guidance and could also help figure out how to navigate issues when potential conflict exists. During and after the holiday season, estate planning protects loved ones and ensures that wishes are followed.

Reference: Independent Record (Nov. 25, 2024) “How to tackle estate planning with loved ones this holiday season”

How to Avoid Estate Planning Mistakes in 2025

Even if you could remove all of the emotions about estate planning, like considering your eventual demise and the possibility of incapacity, it can still feel a bit overwhelming. Having an experienced estate planning attorney on your team makes the process far easier, with the knowledge you’re in good hands. A recent article from GO Banking Rates, “4 Expert Insights on Avoiding Estate Planning Pitfalls for 2025,” explains how estate planning helps to avoid family fights, lost assets and legacies.

Estate Planning encompasses your entire life. Wills express how you want assets to be distributed, and trusts minimize taxes by taking assets out of the probate estate. However, an estate plan is more than these two pieces. Estate plans include incapacity plans, caring for children and transferring wealth in a number of ways.

If someone becomes incapacitated and hasn’t created a Durable Power of Attorney, no one can manage non-healthcare matters, from paying utility bills to maintaining their home. A family member must go to court to obtain guardianship to do anything.

Every estate plan should include a Healthcare Power of Attorney and HIPAA release authorization so a designated person can be involved with their loved one’s healthcare, talk with their doctors and be involved in any medical decision-making.

Keeping beneficiary designations up to date. Beneficiaries aren’t just the people you name in a will. Designated beneficiaries are those listed on retirement accounts, investment accounts, life insurance policies and other documents to receive assets when you die. Make sure these names are up to date, especially if you haven’t reviewed them in years. Any account with a beneficiary designation does not go through probate, and your will has no control over these assets.

Things will get messy if beneficiaries on your accounts are no longer in your life. Assets could go to an ex-spouse, an estranged family member, etc.

Choosing your executor with care. Many people get stuck when there is no obvious person to manage this task. An experienced estate planning attorney can help you work through this issue, since a poor choice could put your entire estate plan at risk. Whoever you choose to serve as executor—the person who manages your estate—will need to deal with financial institutions, family members, government agencies and every facet of your life. Many automatically name their eldest child or best friend, which might lead to disaster if they are not available, good with details, fiscally knowledgeable, or able to manage your family’s personalities. Ensure that they are up for the task and also have a backup executor named.

Introduce your family to your estate planning attorney, financial advisor, CPA and other professionals in advance. The people who help you manage the business side of your life will be able to help you better if family members know who they are, how to contact them and have already met them. They don’t have to be friends. However, making introductions in advance can make their work together easier.

Reference: GO Banking Rates (Nov. 17, 2024) “4 Expert Insights on Avoiding Estate Planning Pitfalls for 2025”

Wealth Protection Through Estate Planning

Without a well-prepared estate plan, wealth can be lost to taxes, administrative costs, or disputes among heirs, both in and out of court. With an up-to-date estate plan, changes to tax laws are proactively addressed and wealth can be protected and passed across generations. A recent article appearing in Medical Economics, “Estate planning is your first line of defense against wealth loss—Here’s what you should know,” explains how an estate plan creates a framework to minimize taxes, avoid the costs and complications of probate and ensures that your wishes for your estate are followed.

Documenting assets is one task that is done when creating an estate plan. When records are not clear, transferring assets can become complicated. A comprehensive record-keeping system can store documents like deeds, life insurance policies, asset inventories, family videos and photographs online.

Many financial records are already online through client portals by major financial companies. The key to incorporating these records into an estate plan is remembering where all the information is stored and being willing to share access information with a trusted family member or friend. The person you name as an executor of your will or a trustee for a trust is the most likely candidate to be provided with this information.

There are many steps to having a solid estate plan. However, there are also many missteps. Here are some of the most common pitfalls to avoid:

Failing to update an estate plan. All the documents in your estate plan, including a Will, Power of Attorney, Healthcare Proxy, HIPAA Release Form, Trusts, Advanced Directives and more, must be updated to comply with changing laws and changes in your life.

Making a careless decision about the executor or trustee can be disastrous. The eldest child does not have to be the one to be in charge of your estate. Neither does the person you love if their life is a trainwreck. The person to be named executor and/or trustee needs to be someone you know to be extremely responsible, reliable, good with money management and a solid moral compass.

Digital assets are often ignored when it comes to estate planning. However, this new asset class needs to be included. If you have email, you have a digital asset. You have digital assets if you have email, cryptocurrency, websites, social media content, online subscriptions and photos stored in the cloud. Suppose no plan is made to create an inventory of accounts and name a digital executor. In that case, your estate becomes vulnerable to identity theft, valuable cryptocurrency could be lost forever and there may be nothing your loved ones can do.

Most family fights have to do with unequal asset distribution after the death of a parent. A clear estate plan is one way to preclude confusion about what you want to happen after death. Talking about your estate plan while you’re still able to have these uncomfortable discussions is one way to help establish your wishes. You may want to create a Letter of Intent or make a video to express your reasons for making certain decisions. This may not be legally enforceable. However, it will serve to document your wishes.

Estate planning is not just about distributing assets after death. By establishing an estate plan, the family is better prepared to deal with the loss of a loved one and can focus on healing together instead of battling over their inheritance.

Reference: Medical Economics (Oct. 17, 2024) “Estate planning is your first line of defense against wealth loss—Here’s what you should know”

Top Estate Planning Mistakes Can Easily Be Avoided

The music icon Prince was far from the only celebrity failing to have a will, the most significant estate planning mistake of all. Tobacco heiress Dorothy Duke named her butler the executor of a $1.3 billion estate, and her family spent millions on legal costs before the estate was settled. You don’t have to be wealthy to make an expensive estate blunder, says a recent article from Microsoft Start Money, “Seven Estate Planning Mistakes You Can’t Afford To Make.” Regular people also make costly mistakes.  However, they can easily be avoided by following these steps.

Procrastinating until the “right” time. Making decisions when you’re under a time constraint because of an unexpected event is a bad time to do estate planning. Leaving a mess for your children to figure out will almost always end badly. Fighting among family members, assets lost to cost battles and unnecessary stress are just a few of the headaches. It’s not how you want to be remembered.

Not updating your estate plan. Wills are like pets—they require ongoing care. If a new child is born and your will isn’t updated, you’ve effectively disinherited the child. If you remarry and don’t update your estate plan or beneficiary designations, your new spouse will have little recourse to what you might have left them. The same goes for major changes in your financial life, up or down.

Putting your head in the sand about taxes. In the last 15 years, there have been many tax changes. Failing to address tax changes with estate planning in mind can lead to financial disasters. Remember, you may not be near the federal estate tax threshold. However, if your state levies estate taxes, you’ll need to plan for them.

If the lifetime estate and gift tax exemption reverts to pre-2017 tax law levels, “average” wealthy people with estates worth around $6.46 million will pay federal estate taxes. If this is your situation, start talking with your estate planning attorney now to address this change.

Ignoring incapacity. We’re not sure which is harder to consider, incapacity or death. Neither is pleasant to consider; one is likely, and another is certain. Having the right plan in place means having the power of attorney, health care directives, HIPAA release forms, do not resuscitate, living wills and other documents specific to your state are all part of estate planning.

Forgetting to plan for non-cash assets. If you own a home, what do you want to have happen to the home upon your death? If you become incapacitated, who will take care of your home, your pets and any property requiring upkeep? Classic cars, antiques and art collections must be disposed of in a planned manner.

Neglecting digital assets. More and more of our lives are now conducted online. Bank accounts, social media, photos, online businesses and cryptocurrencies are not included in household assets by your will. You’ll need to provide a tech-savvy person with information on your accounts, create an inventory and direct the person to serve as your digital executor.

Trying to do it yourself. Creating an estate plan without the help of an experienced estate planning attorney is asking for trouble. Here’s just one example: a family thought it was a good idea to retitle the house to Joint Tenancy with Right of Survivorship for the parent and an adult child. They didn’t know about the child’s serious debt situation. The child now had an asset, and creditors moved swiftly to put a lien on the house. The family eventually lost the house to the creditors.

Reference: Microsoft Start Money (June 23, 2024) “Seven Estate Planning Mistakes You Can’t Afford To Make”

What are the Disadvantages of Dying without a Will?

A new survey reveals fewer Americans are having wills prepared despite the dramatic increase in people having wills and trusts created when the pandemic was at its peak. Maybe it was because Americans were forced to remain in their homes and had more time to think, says an article from USA Today, “Facing mortality, more Americans wrote wills during the pandemic. Now, they’re opting out.”

Everyone should have an estate plan, especially parents with minor children or homeowners. Parents who die without creating a will leave their children at the mercy of a court to decide who will raise them and how they will be financially supported.

A last will and testament is just one part of an estate plan, which is created to outline your wishes for what happens to assets after you die and what happens to you while you are living.

Families facing significant healthcare decisions, for example, are better equipped to make decisions if wishes for end-of-life care have been incorporated into the correct legal estate planning documents. In fact, without proper planning, your family may not be allowed to be involved with your medical decisions. Depending on your jurisdiction, you’ll need a Healthcare Power of Attorney, Living Will, Advance Directive and HIPAA Release.

Estate planning can be overwhelming, which makes the guidance of an experienced estate planning attorney more important. Probate experts say using an online service to create a will and other estate planning documents is risky and could lead to larger problems when the documents are executed.

Most estate planning attorneys have reviewed online wills in which a spouse disinherited the surviving spouse, children in blended families have been disinherited and more. The cost of undoing the problems created by online wills, especially if the court declares the will invalid, is far higher than having a will properly prepared in the first place.

Wills and trusts are used to distribute property when you die. If there is no will, the court steps in, making decisions based on the laws of your state. Probate laws vary from state to state, and it’s always a guessing game to know who will get what.

For residents of New York State, for instance, if someone dies with no will, their spouse inherits the first $50,000 of their estate plus half of the balance, and the rest is distributed between the children. In Florida, the spouse inherits the entire estate. This may not be what you had in mind, but if you don’t have a will, it won’t matter—the state’s laws will decide.

An experienced estate planning attorney will guide you through the process step-by-step, making it one less task on your to-do list. The peace of mind from knowing you’ve protected yourself and your loved ones makes this a worthwhile task.

Reference: USA Today (April 3, 2024) “Facing mortality, more Americans wrote wills during the pandemic. Now, they’re opting out”

What Is the Biggest Mistake People Make on Their Wills?

Making mistakes in your estate planning can torpedo every effort made to protect your family after you die, warns a recent article from Kiplinger, “Common Estate Planning Mistakes.” Everyone benefits from a professionally-made comprehensive estate plan, a process for preparing your legal and financial affairs so assets and possessions are passed on after your death to the people or charities you want.

Not having an estate plan can create a world of trouble for those you love. The biggest estate planning mistake of all is not having an estate plan. After that, there are several others.

Procrastination. Suppose you unexpectedly become incapacitated and don’t have an estate plan. In that case, your family will be left guessing what you would want your medical care to be, in addition to needing to go to court to apply for guardianship so they can pay your bills and keep your household running. Everyone should have documents like Health Care Power of Attorney, Power of Attorney, HIPAA Release Form and Living Will in place.

Trying to make an estate plan on your own. Unless you’re an experienced estate planning attorney, there’s a lot you could leave out if you attempt a DIY estate plan. If there are errors, a court could declare your will invalid and it’s as if you never had a will in the first place. The laws of your state will be used to distribute your assets. It may not be what you had in mind.

Keeping estate planning documents in a safe or safe deposit box. Documents need to be where someone can get them in an emergency or after your passing. Safety deposit boxes are often sealed on the death of the owner. Give copies of your estate plan to your appointed executor or trustee, a trusted family member and your estate planning attorney.

Missing key documents. If your estate plan lacks key documents, your heirs might find themselves battling over the estate. Make sure your estate plan includes these documents:

• Last will and testament—This document outlines all final wishes and instructions for distributing your assets and how you want your affairs managed after you die. It also is used to name a guardian for minor children and an executor to oversee the instructions in the will.
• Beneficiary designations—Any account allowing for beneficiaries, including IRAs, pension plans, investment accounts and insurance policies, will pass directly to named beneficiaries. Be sure that these are up to date.
• Durable power of attorney for medical care—Allows another person to make medical decisions for you if you become incapacitated. Depending on your jurisdiction, it may include an advanced healthcare directive, which gives your instructions on whether or not to use life support.
• Funeral instructions—Do you want a traditional burial? Cremation? Tell your family your wishes for a funeral or memorial service.
• Proof of identity—Your Social Security card, birth certificate, marriage and/or divorce certificate and any prenuptial agreements will be needed for administering the estate.
• Deeds or loan documents for large assets—Collect paperwork for homes, boats and other big assets.

Digital assets. These include websites, cloud storage, social media accounts and cryptocurrency, to name a few. By assigning a digital fiduciary and sharing key information, you help heirs avoid identity theft and lost assets.

Failing to update your plan. Your estate plan needs to reflect the changes in your life. If your estate plan is outdated, you may unintentionally disinherit beneficiaries.

Appointing the wrong person as executor or trustee. If your eldest child is a disaster with money management, don’t name them your executor. Consider a trusted person who is unbiased and able to manage money and family dynamics and talk with them about taking on this role before appointing them to this critical role.

Reference: Kiplinger (Dec. 30, 2023) “Common Estate Planning Mistakes”

Estate Planning Mistakes to Avoid

One reason to review your estate plan is to make sure people you’ve assigned roles to, like executor or guardian, are still living and willing to perform these tasks, according to the article “Five common estate planning mistakes to avoid” from the Idaho Press. Another is to be sure your estate plan is not missing out on any advantages created by new tax laws.

Biggest estate planning mistake: not having an estate plan. Each state has its own laws for distributing property when a person dies without an estate plan. These generally involve leaving a percentage of the decedent’s assets to family members, based on kinship. If the decedent and their partner are unmarried, no matter how long they have been together, the partner receives nothing. Spouses and biological children typically receive a share. This may leave the surviving spouse without enough money to live on. If the children are minors, the court will control their inheritance and when they reach the age of majority, the children receive the entire inheritance.

Second worst mistake: failing to name a guardian and giving no guidance for how you would like minor children to be raised. A guardian must be named in a will or the court will name a guardian. Wise parents also create a letter to the guardian outlining their values, how they would like their children raised and whatever personal information a guardian should know about their children’s personalities, preferences and interests. This is a kindness to the children and the guardian.

Third is relying on joint ownership to avoid probate. This doesn’t work as well as you might think. Many people add an adult child to the title of assets like their home, and it creates more problems than it solves. Jointly-owned assets are vulnerable to the co-owner’s creditors, divorce proceedings and even misuse of the assets. The co-owners must agree to all actions concerning the property, so if the parent wants to sell the house and the co-owning offspring does not, the parent may not be able to sell their own home. To make things more problematic, if there’s more than one child and only one is named co-owner, there is no legal requirement for the co-owner to share with their siblings. If the value of an asset fluctuates and the intent was to give all children equal shares, this can be undone as well.

Fourth is failing to plan for incapacity. People think of estate planning as planning for death but planning for incapacity is an equally important part of estate planning. If a person is too sick or injured to manage their personal business, only a court appointee can act on their behalf, unless a Power of Attorney exists. The POA is used to appoint a person to act as your agent when you cannot do so. Don’t rely on standardized forms: a POA can be assigned powers to act on everything from investments to bill paying to selling a home, or it can be limited to specific tasks. Your estate planning attorney can create a POA to reflect your needs.

You’ll also want a Power of Attorney for Health Care, sometimes called a Medical Power of Attorney. This allows your health care agent to speak with your doctors and be actively engaged in your medical care. Your estate planning attorney will prepare a Living Will, used to document your wishes for end-of-life care. You should also have a HIPAA form prepared, so your agent can access your medical records.

The fifth mistake is not keeping an estate plan up to date. Tax laws aren’t the only things to change and impact your estate plan. A friend from two decades ago may not want to serve as your executor or may have died or moved to another country. Your children may have had children of their own or divorced their spouses. Life changes and your estate plan needs to reflect these changes.

Reference: Idaho Press (Nov. 26, 2022) “Five common estate planning mistakes to avoid”

What Documents are Needed in an Emergency?

Most people don’t have any idea where to start when it comes to their emergency documents.  This often keeps them from going anywhere near their estate planning. This is a big mistake, says a recent article, “3 tasks your family needs to complete to ease any anxiety over unexpected emergencies,” from MarketWatch.

Estate planning is not just about wealthy people putting assets into trusts to avoid paying taxes. Estate planning includes preparing for life as well as death. This includes a parent preparing for surgery, for instance, who needs to have the right documents in place so family members can make emergency medical or financial decisions on their behalf. Estate planning also means being prepared for the unexpected.

Power of Attorney. Everyone over age 18 should have a POA, so a trusted person can take over their financial decisions. The POA can be as specific or broad as desired and must follow the laws of the person’s state of residence.

Medical Directives. This includes a Medical Power of Attorney, HIPAA authorization and a Living Will. The Medical POA allows you to appoint an agent to make health care decisions on your behalf. A HIPAA authorization allows someone else to gain access to medical records—you need this so your agent can talk with all medical and health insurance personnel. A living will is used to convey your wishes concerning end of life care. It’s a serious document, and many people prefer to avoid it, which is a mistake.

All of these documents are part of an estate plan. They answer the hard questions in advance, rather than putting family members in the terrible situation of having to guess what a loved one wanted.

An estate plan includes a will, and it might also include a trust. The will covers the distribution of property upon death, names an executor to be in charge of the estate and, if there are minor children, is used to name a guardian who will raise them.

A list of important information is not required by law. However, it should be created when you are working on your estate plan. This includes the important contacts from doctors to CPAs and financial advisors. Even more helpful would be to include a complete health profile with dates of previous surgeries, current medications with dosage information and pharmacy information.

Don’t overlook information about your digital life. Names of financial institutions, account numbers, usernames and passwords are all needed if your agent needs to access funds. Do not place any of this information in your will, as you’ll be handing the keys to the vault to thieves. Create a separate document with this information and tell your agent where to find the information if they need it.

Reference: MarketWatch (Nov. 19, 2022) “3 tasks your family needs to complete to ease any anxiety over unexpected emergencies”