Is Your Estate Plan Outdated?

Review the questions below to see if it is time for an Estate Plan Check-Up:

• Do you have a Will?
• If you have minor children, do you have a current Will which names Guardians?
• If the total gross value of all your assets is over $100,000 do you have an Estate Plan?
• If you have a Living Trust, have you transferred your assets into it?
• In case you become disabled, have you nominated someone to handle your financial affairs?
• Do you have a current Health Care Power of Attorney that provides the names, addresses and telephone numbers of your designated agents to handle your medical care if you’re disabled?
• Do you have provisions in your Trust or Will that address the issue of death taxes?
• If you want to make gifts to charities at your death, are they clearly set forth in your planning documents?
• Do your planning documents clearly set forth how your personal property will be distributed at your death, including the care of any surviving pets?
• Since you signed your planning documents, have you changed your mind about any aspect of the plan?
• Has the value of your assets substantially changed since you signed your planning documents?
• Have you substantially changed the kind of assets you own since your planning documents were signed?
• Have you recently been married, divorced or widowed since your estate planning documents were signed?
• Have you had children since your estate planning documents were signed?
• Have your children had children?
• Have any of your children been married, divorced or died since your planning documents were signed?
• Have you, your spouse or child become physically or mentally incapacitated since your planning documents were signed?
• Have you bought or sold a house or other piece of property since your planning documents were signed?
• Are you contemplating selling stock or other valuable assets with a low cost basis?
• Have you moved between states since your planning documents were signed?
• If you have a Living Trust, are Medicaid triggers in place to ensure that at the appropriate time Medicaid planning can be implemented?
• Has it been more than 3 years since you reviewed your current estate plan?
• If you have minor children, does your estate plan name Guardians for them?
• Since creating your estate plan, are your children now adults?
• If you have a Trust, are there any assets that you have not transferred into your Trust?
• If you become disabled, is your Power of Attorney document for financial decisions older than 5 years?
• If you become disabled, is your Power of Attorney document for health care decisions older than 5 years?
• Are there any gifts you would like to make to charities at your death that have not been clearly set forth in your planning documents?
• Is there any personal property that you would like distributed that have not been clearly set forth in your planning documents, including the care of any surviving pets?
• Since you signed your planning documents, have you changed your mind about any aspect of the plan?
• Has the value of your assets changed since you signed your planning documents?
• Have you added or changed the kind of assets you own since your planning documents were signed?
• Have you recently been married, divorced or widowed since your estate planning documents were signed?
• Have you had children since your estate planning documents were signed?
• Have your children had children?
• Have any of your children been married, divorced or died since your planning documents were signed?
• Have you, your spouse or child become physically or mentally incapacitated since your planning documents were signed?
• Have you bought or sold a house or other piece of property since your planning documents were signed?
• Are you contemplating selling stock or other valuable assets with a low cost basis?
• Have you moved between states since your planning documents were signed?
• If you have a Living Trust, are Medicaid triggers in place to ensure that at the appropriate time Medicaid planning can be implemented?

If you have answered ‘YES’ to any of these questions, it is a good idea to schedule a review appointment.