You win a million bucks, what’s the first thing you’re doing?

Some of us have already started making plans for what we’ll do after the restrictions are lifted. I know most of us will feel like we won a million bucks. Some people are looking forward to socializing at happy hours, while others are planning vacations, or finding ways to financially recover from the shutdown. 

Regardless of where we are when that wonderful day comes, we should take the time to do some financial and legal planning now. In the past, we’ve been too busy, and once “normal” life resumes, we’ll be busy once again. 

So what can we do in the meantime?

First of all, make sure you have an up-to-date physical copy of your Will, placed somewhere that is quick and easy to find for your loved ones. You’ll want to review it with an attorney and make sure that everything is written the way you want it. This may include creating a trust, updating your life insurance policies, and taking care of the final arrangements. 

Second, make sure you have a Durable Power Of Attorney and an Advanced Medical Directive, regardless of your age.  These directives allow your family and medical professionals to give you the end-of-life care that you want and deserve.  Additionally, it’s important to know that mental capacity is a requirement for executing these documents, and we don’t want to wait until it’s too late.

For some some individuals who own property without a co-owner, having a Transfer-on-Death Deed is important because it allows a property owner to transfer real estate to another person without having to go through probate. You continue to own the property and the deed transfers only after your death. This results in a convenient and safe way to transfer real estate in the event of death.

These documents are increasingly important and can help speed things up and simplify the process during difficult times. If you need help with any of these, call me. 

José Cruz (405) 703-7846