Page 8 - Jupiter West - April '22

Page 8, Jupiter West
Your Estate Planning Binder:

Tips For Proper Care And Maintenance

Submitted by Anné How Often To Review Or Update Your Binder Keeping your estate planning binder secure and up
Desormier-Cartwright, J.D. Your financial situation is likely to change over to date will reduce confusion and likelihood of disputes
You finally crossed time – and perhaps more critically, other powerful and when others need to enact your wishes for your estate.
“getting your estate plan unexpected life events can shift your priorities and As always, we are here to help. For peace of mind, give
done” off your list, and necessitate an adjustment to your plan. us a call to review or amend your current plan.
you’ve (rightly) breathed For instance, the death of a spouse or life partner, a new If you have questions about your estate plan and what
a huge sigh of relief. By marriage, an illness or accident that affects your child’s future, documents you should have in place to plan your estate,
tackling this challenge, a sudden job loss or the surprising success of a business venture schedule a free consultation today by calling our office
you’ve not only established that you’ve plugged away at for years, or even a spiritual at (561) 694-7827, Anné Desormier-Cartwright, Esq.,
protections for your loved epiphany can reshuffle what’s important to you. Elder & Estate Planning Attorneys PA, 480 Maplewood
ones and legacy, but These events can also limit or constrain what’s possible Drive, Suite 3, Jupiter, FL 33458.
you’ve also freed up some for your future. Without renegotiating these commitments The content of this article is general and should not be
important “mental space” that had previously been in a conscious way, you’ll likely feel intangible unease relied upon without review of your specific circumstances
preoccupied. about them. The moral is that your binder should be by competent legal counsel. Reliance on the information
Once you create the documents that make up your reviewed periodically and updated to reflect the changes herein is at your own risk, as it expresses no opinion by
estate plan, your estate planning attorney will prepare that happen in your life. the firm on your specific circumstances or legal needs.
a binder containing all pertinent documentation. This As a rule of thumb, we recommend reviewing your An attorney client relationship is not created through the
estate planning binder is critical because it provides key estate plan as follows: information provided herein.
information regarding your intentions after you pass • A quick review once a year To comply with the U.S. Treasury regulations, we must
away or if you become incapacitated. Once your trust is • A thorough review every three to five years to ensure inform you that (i) any U.S. federal tax advice contained
fully funded, your binder should also contain information the documents reflect your current finances and intentions in this newsletter was not intended or written to be used,
about your assets. This makes administration easier for • Any time you experience a significant increase or and cannot be used, by any person for the purpose of
your family. This binder should be stored safely, reviewed decrease in income or wealth avoiding U.S. federal tax penalties that may be imposed
regularly, and updated when necessary in order to avoid • Any time you experience a major life change, such on such person and (ii) each taxpayer should seek advice
confusion when your loved ones need to refer to it. as a birth, marriage, or death in the family from their tax advisor based on the taxpayer’s particular
Before we get into the nuts and bolts about how to • Any time you consider a change in who you want to circumstances.
complete this review process – to help you stay in control benefit from your estate plan
now that you’re there – let’s first take a step back and
clarify a point that confuses many clients. Your estate “Service is our number one priority”
plans and your financial plans for the future are two
completely different things. They are both obviously 561-743-0070
important, and they both should be kept in a safe place
and reviewed often. However, the estate planning binder www.palmspoolservices.com
has special importance because it contains your wishes
and instructions for what should happen if you become
incapacitated and when you die … as well as who should
be in charge of what at those times. But this binder is
not the same thing as your financial plan. Your financial
plan is a comprehensive plan of the assets you have now
(and the assets you may need in the future) to help you
achieve your goals in life.
Where To Keep Your Estate Planning Binder
Your estate planning binder should be kept in a
safe place along with your other important financial
information. We recommend keeping it secured in a safe
deposit box at your local bank or in a fireproof strong
box, if you keep the documents at home. You can make
photocopies or scans of the documentation for your Expires 4/30/22.
own use if you wish to refer to them more frequently or
have them as a backup. Remember though, the original State Licensed & Insured
documents have legal significance, so don’t create a Serving Palm Beach County CPC # 1457468 • LPG#30099
situation where your family is forced to attempt to rely
on copies - you need to safeguard your originals!
Who Should Have Access To The Binder
You obviously have discretion regarding who can
access your personal financial information. However,
strongly consider retaining direct access yourself until
circumstances require someone else to step in to take
control. If you keep the binder in a safe deposit box, for
office and notify your attorney, next of kin, or successor NoN-Toxic cancer immunotherapy
example, you could keep a spare key in your home or

trustee as to the key’s location in case they need to use
it. Talk to your bank about what limited access rights to
the safe deposit box might be available. Available NoW

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