Estate Planning Don’ts
Preparing for the future is an uncertain business, but there are steps you can take during your lifetime to simplify matters for your loved ones after you pass, and to ensure your final wishes are carried out. Planning for what happens to your property, or who cares for your family members, upon your death can be a complicated process. To simplify things, we’ve created the following list to help you avoid some of the pitfalls you may encounter before, or even long after, you create your estate plan.
Don’t assume you can plan your estate by yourself. Get help from an estate planning attorney whose training and experience can ensure that you minimize tax implications and simplify the process of settling your estate.
Don’t put off your estate planning needs because of finances. To be sure, there are upfront costs for establishing the estate plan; however establishing your estate plan is an investment in the future well-being of your family, and one which will result in a far greater cash savings over the long term.
Don’t make changes to your estate plan without consulting your attorney. Changes in one area of your estate plan could impact other provisions you have made, triggering legal or tax implications you never intended.
Don’t assume your children will intuitively know your wishes, and handle the situation appropriately upon your death. Money and sentimental items can cause a rift between even the most agreeable siblings, and they will be especially vulnerable as they deal with the emotional impact of your passing.
Don’t assume that once you’ve prepared your estate plan it’s set in stone. Estate planning documents regularly need to be revised, often due to a change in marital status, birth or death of a family member, or a significant change in the value of your estate. Beneficiary designations should be periodically reviewed to ensure they are up to date.
Don’t forget to notify your family members, friends or other beneficiaries of your estate plan. Make sure your executor and successor trustee have access to your end-of-life documents.
Don’t assume your spouse will handle everything if something happens to you. It’s possible your spouse may be incapacitated at the same time, for example if you both are injured in the same accident. A proper estate plan appoints alternate representatives to handle your affairs if both you and your spouse are unable to do so.
Don’t use the same person as your agent under both the financial and healthcare powers of attorney. Using the same individual gives that person an incredible amount of influence over your future and it may be a good idea to split up the decision-making authority.
Don’t forget to name alternate agents, executors or successor trustees. You may name a family member to fill one of these roles, and forget to revise the document if that person dies or becomes incapacitated. By adding alternates, you ensure there is no question regarding who has the authority to act on your or the estate’s behalf.
“Limitations live only in our minds. But if we use our imaginations, our possibilities become limitless.”
-Jamie Palonetti, American Schroeder Iron Pro Cycling
Ways to Improve Your Memory
Our brains are responsible for remembering all kinds of information, from simple, temporary matters, such as grocery lists, to more complex ones that we keep forever, such as the experience of our first kiss. While some things are marked indelibly in our memories, most of us can recall instances when our memories have failed us; when we’ve forgotten an item that we meant to pick up at the store or the name of an acquaintance when making introductions at a party. Fortunately, there are several steps that you can take to improve your memory, both in the short-term and the long-term.
Improving memory in the short-term:
To illustrate how you can improve your memory in the short-term, let us again call on the example of a shopping list. The reason that many people have trouble remembering everything on their shopping list is that it is often a random list of items that are unrelated; since memory is best practiced through association the best way to use your memory efficiently is to actively create an association for the things you’re trying to remember, such as by associating the items you would like to buy with specific dishes you plan to make or chores you plan to tackle. In addition, association also works if you create vivid, memorable images, since we recall information more easily if we can visualize it; for this example this may mean visualizing yourself putting together a recipe using the items on your shopping list.
Grouping information together can also help you remember specific items; for example, if you remember that, among other things, you needed to buy four different kinds of vegetables, you’ll be more likely to remember all four. Finally, because we are more likely to remember things and experiences that we’ve thought of or experienced with greater frequency, repeating information that you’re trying to memorize to yourself, called spaced repetition learning, can help the memories stick better and longer.
Improving memory in the long-term:
In addition to the above tips on increasing your abilities to remember specific items or events, there are several actions you can take to improve your overall memory.
Regularly exercising the brain, through the development of new mental skills, such as learning a new language or how to play a new musical instrument, and by challenging the brain with puzzles and games, such as crosswords and Sudoku, keeps your brain active and spurs the development of new neural connections that can help improve your memory.
Lastly, strengthening your observational skills by consciously focusing on new information, and by avoiding distractions for a few minutes after obtaining it, will make it easier for you to make and retain new memories. You can also improve your memory by taking care of your body and mind by exercising regularly, eating well, reducing your stress levels, and getting enough sleep. Above all, the most important key to improving your memory is practice, so come up with some challenges for your memory- for example, try to remember all the state capitals, or the names of the presidents- and master the art of memorization.