Estate Plan Deficiencies Check-Up
Question | Yes/No |
| 1. Do you have a will or a trust in place?
Without these documents, you will have no control over what happens to your assets upon your death. State laws will make these decisions for you and may not be what you actually wanted. It will also cost more money with court and other related fees. I can help you protect these assets and allow them to pass to those people whom you choose as well as save your hard-earned money.
| _______ |
| 2. If you do have a will or trust, have they been reviewed within the last two years?
Having an up-to-date estate plan ensures that ever-changing laws do not negatively affect your assets. Your estate plan is not a time capsule to preserve relics for future discovery. Be sure to talk to an attorney to update your plan in the event of illness or change in circumstances.
| _______ |
| 3. If you have a Financial Power of Attorney or Health Care Power of Attorney, does it allow the person of your choosing to make emergency decisions for you if you are unable to do so?
| _______ |
| 4. Does your estate plan contain customized information explaining how you are determined mentally disabled, as well as what to do if you are determined mentally disabled?
| _______ |
| 5. Does your estate plan give instructions for your own care, as well as the care of your family, in the event of your disability?
| _______ |
| 6. If you have an estate plan, does it minimize possible federal estate taxes at your death?
| _______ |
| 7. If you have a Revocable Living Trust in place, is it fully funded so that your family can avoid delays and expenses of probating your estate?
| _______ |
| 8. Does your estate plan protect your children if your spouse survives you and chooses to remarry? | _______ |
| 9. If you have life insurance policies, have you designated appropriate beneficiaries not to include your estate or minor children?
| _______ |
| 10. If you have an estate plan, does it protect your assets passed to your surviving spouse or children from creditors and lawsuits?
| _______ |
| 11. If you have an estate plan, does it protect your children’s inheritance from a divorcing spouse?
| _______ |
| 12. If you have minor children, does your estate plan name guardians for them? Are those you named guardians still sufficient?
| _______ |
| 13. If you have an estate plan, are the named executor(s) and/or trustee(s) still those that you want to be in these roles?
| _______ |
| 14. If you have an estate plan and have named executor(s) and/or trustee(s), are these individuals prepared to act on your behalf if asked to do so?
| _______ |
These are only a few of the questions that you need to ask yourself when thinking about those assets that you have worked all of your life to have and pass on after your death. If you do not have an estate plan in place, or if your estate plan is out-of-date, those things that are yours will not be protected. Your loved ones that you want to protect will not get what you want them to have.
If you have answered NO to any of the questions above, or if you have any other questions or concerns about your money or assets, my office can help. I strive to give my clients the best options in protecting what they should rightly have for themselves and for their families.
Call or e-mail me today to learn more about how I can help you to protect you and yours.
