As the holidays are rapidly approaching, it is a good time to consider getting your estate planning documents in order. The holidays present many opportunities to spend time with family members, talk about your wishes, and get them in writing.

Whatever the size of your estate, estate planning is the only way to control what happens to your assets when you die. Take the time to consider your wishes, talk with your spouse or family members, collect your important financial and legal information, and identify your goals.

If you do not have your estate planning completed, now is the time! There are certain documents that all persons of legal age need. The first document is a Power of Attorney for Finances. This document will allow you to appoint someone to make business, financial, investment, and real estate decisions for you during your lifetime should you no longer be able to act on your own behalf.

The second important legal document is a Power of Attorney for Health Care. This document will allow you to appoint someone to make medical and healthcare decisions for you during your lifetime should you no longer be able to communicate with your medical and personal care providers. Physicians and hospitals ask their patients if they have a Power of Attorney for Health Care.

Whether a person needs a Will or a Revocable Living Trust, or both, it is a matter of personal preference and is based on your particular situation. This is an important question and should be discussed with your attorney. Although a Revocable Living Trust allows you to avoid probate, there are other ways to avoid probate. It is important to have beneficiary designations on all of your assets, which includes retirement plans, insurance policies, bank accounts, and cars, to name a few. Naming beneficiaries or having “TOD” or transfer-on-death designations on your accounts will allow your property to be transferred to the named beneficiaries and avoid probate.

If you have already completed your estate planning and it has been more than five years, you should meet with your attorney to review your choices of guardians, agents, trustees, personal representatives, and beneficiaries. It is wise to revisit your estate planning documents when you have had a change in your personal circumstances, such as a death of a spouse or child. If one of you needs long-term-care planning, consulting an attorney who specializes in elder law will allow you to position yourself for the future. As the end of the year approaches and we begin 2012, take this opportunity to examine your estate planning documents.

Brigid Fernandez is an attorney with Martha C. Brown & Associates, LLC. If you have questions regarding any information in this article or you would like Ms. Fernandez to help prepare your estate planning documents, please contact the office at 314-962-0186. Martha C. Brown & Associates, LLC is located at 220 W. Lockwood Avenue, Suite 203 in Webster Groves, Missouri.