Despite advances in medical care and the fact that people are living longer than ever before in this country, everyone is still going to die. Moreover, no one knows when their death will happen. Therefore, even though it is a difficult subject to consider, estate planning is essential for every Washington, DC resident who hopes to save their loved ones extra trouble during a time of grief.
The number of Washington, D.C., residents providing for their pets in their estate plans is growing. People are realizing that it is just as important to take care of the family pets as it is the rest of the family. Without making arrangements for them through estate planning, the fate of the animals is unclear.
Many Washington, DC residents have a will, but that document is only effective after death. Two other estate planning documents are essential in order to provide for an individual in the event of incapacitation. A durable power of attorney and an advance medical directive should both be considered.
Once an estate plan is complete, many Washington, DC residents tend to forget about the documents until and unless they are needed. However, with some estate planning documents, such as trusts, a periodic review is needed. A review will ensure that the documents still meet the individual's goals and all of the provisions and appointments are still valid.
Some residents of the District of Columbia who have long-term care insurance policies may have noticed that the premiums on those policies are rising dramatically. At least part of this premium rise is because insurance companies that sell these policies failed to account for the growing number of people who actually use them. This rise in cost has added a new wrinkle in long-term care planning.