Summer is just around the corner, and it's a season associated with sunshine, relaxation, and endless fun activities. Long days and warm evenings inspire the inner child. But before you check out completely, it's time to keep your adulting hat on and get your ducks in a row. Finishing your estate plan right now is the way to enjoying a stress-free summer, one where you'll have peace of mind. Make the job easy by following our summer estate planning checklist. We help you cover all the essentials so you can focus on making the most of your summer.
Why Summer is Perfect for Estate Planning
The transition period between spring and summer offers a unique opportunity to pause, reflect, and plan ahead. Whether you're gearing up for a vacation or simply enjoying longer days, don't you want a summer that is free of administrative tasks and financial planning?
Clearing your desk now of important tasks like estate planning means that you'll enjoy your summer that much more knowing that both you and your loved ones are protected.
Here are the numerous benefits of completing your estate plan for summer:
Peace of Mind: Completing your estate plan now ensures that you'll have peace of mind, allowing you to fully unwind and enjoy your summer.
More Free Time: By handling all the important tasks beforehand, you'll free up your summer days to spend more time with family and friends.
Avoiding the Last-Minute Scramble: By planning ahead, you prevent the stress and potential mistakes that come from rushing at the last minute.
Protection for Loved Ones: Knowing that your loved ones are protected and that your wishes are documented offers a sense of security.
Financial Benefits: Sorting out financial matters early can provide opportunities for savings and more effective management of your assets.
Legal Readiness: Ensuring all your legal documents are in order means fewer surprises and more confidence in your estate plan.
Emergency Preparedness: Life is unpredictable, and having your affairs in order ensures you're prepared for any emergencies that may arise. It's common for people to travel while on summer vacation, which makes it all the more important to have your affairs in order.
Summer Estate Planning Checklist
Estate planning can often feel overwhelming, but breaking it down into actionable steps can make the process more approachable. To help simplify things, we've created an estate planning checklist for this summer that covers all the important aspects you need to address. Follow these steps and you might be surprised at the confidence that comes from going through the process and winding up with a thorough, well-organized estate plan. After you're done, your only remaining to-do list item is to kick back and relax.
1. Review and Update Your Will
Your Will is a fundamental part of your estate plan. Make sure it still reflects your wishes and any recent changes in your life, such as the birth of a child or a new asset that you own. This summer, take the time to:
Verify your Beneficiaries.
Update Guardian designations for any minor children.
Ensure all your assets are accounted for.
2. Establish or Update Your Trust
A Trust can offer more control over how your assets are managed and distributed. This summer, you might want to consider leveling up your estate plan by adding a Trust and funding it with some of your most important assets and property. If you already have a Trust, make sure to review it and check that the terms still align with your desired outcomes.
If not, consider setting one up to:
Avoid probate.
Provide for minor children.
Ensure privacy for your estate.
Have more control over how and when assets are distributed.
3. Designate a Power of Attorney
A Power of Attorney (POA) is crucial for managing your affairs if you become incapacitated. For example, if you're on your way back from summer vacation but you get stranded somewhere, your POA can legally step in and make sure your affairs continue running without interruption.
Here's specific ways a POA can help:
Manage your financial accounts and pay bills on your behalf.
Make decisions related to your real estate, such as buying or selling property.
Handle investment transactions and oversee your portfolio.
File your taxes and deal with any necessary tax matters.
Operate your small business or manage business-related decisions.
Make healthcare decisions if you are unable to communicate your wishes.
Authorize legal and contractual agreements in your interest.
4. Create an Advance Healthcare Directive
An Advance Healthcare Directive outlines your wishes for medical treatment if you cannot communicate them yourself, such as due to incapacitation. Your Healthcare Directive is a collection of documents and decisions including:
Living Will: Specifies the types of medical treatment you do or do not want if you are terminally ill or permanently unconscious.
Durable Power of Attorney for Healthcare: Also called a medical proxy, your Healthcare POA designates someone to make healthcare decisions on your behalf if you are unable to do so.
Do Not Resuscitate (DNR) Order: Instructs medical professionals not to perform CPR if your heart stops or if you stop breathing.
Organ and Tissue Donation Preferences: Indicates whether you wish to donate your organs and tissues upon death, and if so, which ones.
Preferences for End-of-Life Care: Details your wishes regarding pain management, palliative care, and other end-of-life treatments.
Instructions for Specific Medical Conditions: Provides directives for the treatment of particular medical conditions, tailored to your health history and preferences.
5. Review Your Beneficiary Designations
Make sure that all of your possible Beneficiary Designations on important documents such as life insurance policies, retirement accounts, and other financial assets are up to date. Keeping these designations available and up-to-date is critical; these override the Will and bypass the probate process and should be taken advantage of when possible. However, you also want to make sure that they remain correct so that these assets do not wind up passing directly to an unintended person.
6. Organize Your Financial Documents
Having all your important documents in one place can save time and reduce stress. You might even make this your organizing project for the summer.
Here are examples of documents to gather and organize:
Bank and investment account statements.
Property deeds.
Insurance policies.
Estate planning documents.
7. Discuss Your Plans with Loved Ones
Communication is key in estate planning. Take advantage of family gatherings this summer to discuss your plans with loved ones. This can help ensure everyone understands your wishes and can help reduce potential conflicts later down the line.
8. Sign Up for Trust & Will Membership
As always, professional support can be of the utmost help while you navigate the estate planning process, and especially when you run into any puzzles or issues. Trust & Will is your all-in-one estate planning solution where you can:
Get matched with an estate plan that matches your needs.
Set up your estate plan online from the comfort of your home.
Review and finalize your documents.
Have access to 24/7 support should you need it.
Make any necessary updates.
Store your documents online in a storage solution with bank-level security.
Add Estate Planning to Your Summer Bucket List
While it might not seem as exciting as a beach trip or a barbecue, adding estate planning to your summer bucket list can be one of the most rewarding things you do this season. By completing this estate planning checklist, you can ensure a smoother, stress-free summer, knowing you’ve taken important steps to protect your loved ones.
So, get your estate planning checklist done now and enjoy the rest of your summer with peace of mind. Your future self and your family will thank you. Ready to get started? Take Trust & Will's quiz to get matched up with an estate plan that will be customized to your personal circumstances and objectives.
Is there a question here we didn’t answer? Browse more topics in our learn center or chat with a live member support representative!
Trust & Will is an online service providing legal forms and information. We are not a law firm and we do not provide legal advice.
Share this article