Essential Documents to Review Today
September 27, 2010 | By: Ray Barr, Planned Giving Manager
1. Your Will.
Does it name the right people? Have any of them died, changed names, married or divorced? Are there additional children or grandchildren since you drafted your will? Would you like to include a charitable gift to Hospice of the Comforter?
2. Healthcare Surrogate Designation, Advance Directives or Living Will.
Do you still want the same person making decisions for you if you can’t make them for yourself? Is there guidance you want the person making decisions to have? Do you still want the same treatments and care you wanted when you created these documents? Is your family aware of the end-of-life care you want?
3. Durable Power of Attorney.
Is it more than five years old? Have you taken it to your bank or other institutions to be sure they will honor it? Some institutions will not accept older DPOA documents. They also prefer to have a copy on file before the need to use it arises.
4. Beneficiary Designations.
Are your beneficiaries still living? Would it be better to name a charity – like Hospice of the Comforter – as your IRA beneficiary and leave cash gifts for your family members? (This strategy saves most families 25 % or more on income taxes.) Do you have IRAs, life insurance or retirement benefits that could be used to make a charitable gift?
If you have doubts, schedule a review with your attorney today. If you’d like a referral to an attorney who can help with these documents, contact our Planned Giving Manager, Ray Barr, at 407-379-0190.