In this final part of our blog series, "Choosing Your Fiduciaries," we'll discuss the importance of updating your fiduciary by having an annual review meeting. Meeting at least once a year is crucial to ensure that your fiduciaries are up to date with your life and current needs. This meeting allows you to make sure they are known.
During your annual review, consider discussing the following any changes or developments in your health status that may impact decision-making, updates on your financial situation, changes in your preferences for medical care or end-of-life decisions, and relationships in your life that your fiduciary should be aware of. Also, ensure that all your estate planning documents are current and accurately reflect your intentions.
Be sure to share any important changes in your life, such as wanting to move, changes in relationships or family dynamics, or significant health developments. You have the power to change your fiduciaries at any time. Relationships evolve, and circumstances shift, so ensure that your fiduciaries are still the right choice for you. Also, ensure your fiduciary is still willing to be named and ready to act on your behalf.
Just as you visit your doctor or dentist regularly, you should meet with your fiduciary regularly, at least once a year. Don't merely name them in your legal documents and let years pass before connecting with them. Instead, be proactive and set up a regular schedule to connect and ensure they are still ready, willing, and able to serve. If it's a professional, be prepared to compensate them for their time for these meetings. Building a relationship now ensures they know you when it matters most.
In this six-part series, we've examined important considerations when choosing your fiduciaries, such as distance, the importance of ongoing communication, and the option of hiring a professional fiduciary. To solidify your estate planning documents and ensure peace of mind, make sure you have the legal documents in place, properly executed, to name your fiduciaries. An Elder Law Attorney can help you do so. Be proactive, stay in touch with your chosen fiduciaries, and ensure they are ready, willing, and able to honor your wishes. By doing so you will be well prepared for the future.