This is Part 2 of the Top Ten Mistakes blog series.  Click here to catch up on Part 1.

In our last blog, we discussed the first four mistakes you can make: Procrastination, assuming wills or trusts avoid probate, leaving assets to a child or special needs beneficiary (directly), and assuming trusts take away beneficiary control.  Today we’ll look at the next three.

Mistake #5: Not Organizing Your Information During the Pandemic

Have you organized all your financial records, deeds, tax information, insurance information, and estate planning documents in one secure place or central location? Does your family know where that is?  Do they know what medications you take or who your doctors are?  How about your lawyers, accountants, or financial planners?  These are all things you might want to consider at any time, but they are especially critical now during this pandemic when things can change quickly.

If your financial information and records are not organized before death or disability (by you, the person who knows where everything is), your loved ones can be left with a morbid scavenger hunt trying to find and recreate financial information and records during an emotionally difficult time.  This may keep them from being able to make timely, important financial decisions.  Your family will not be able to handle your affairs, take care of you, or advocate on your behalf during the pandemic if they can’t find your information or do not have legal authority to do so.

The solution to this mistake is to work with an estate planning attorney who has an ongoing care program.  Here at Family Estate Planning Law Group, our initial intake process helps you to identify all your assets as well as the team of professionals that you work with.  We then track any changes because it doesn’t matter what you own today; it matters what you own when you die or become incapacitated.

In addition to working with an attorney with a client care program, we also suggest having a Family Care Meeting^TM where you invite your caregivers (children) and your professionals (financial planners, CPAs, etc.) to discuss your plan so everyone understands how it will work.

Finally, we love the “Grab and Go” Kit suggested by Healthassist which you can check out here.  It’s a list of things you might want to have readily available in case you get suddenly ill and have to go to the hospital during this pandemic. [Read more…]