Consider the following when thinking about your estate. Use these questions to help you evaluate where you are in the estate planning process.
- Have you created a Will or a Trust?
- Does your current Will or Power of Attorney name guardians for any minor children?
- Have you transferred assets into your Revocable Trust?
- Have you appointed someone to handle your financial affairs if you become disabled?
- Do you have a current Health Care Power of Attorney appointing designated agents who will handle your medical care if you become disabled?
- Are the people you have named as Agents under your Health Care Power of Attorney or General Durable Power of Attorney still the people you want acting for you?
- Are charitable contributions clearly set in your estate planning documents?
- Does your estate plan contain clear instructions for dividing up personal property and caring for any surviving pets or children?
- Have you changed your mind about any parts of your plan since you have last signed your planning documents?
- Have there been substantial changes to the value of your assets since you signed your planning documents last?
- Has your estate plan been reviewed since the passage of the SECURE Act in December of 2019?
- Have the assets you own substantially changed since the planning documents were last signed?
- Have you had any children since you have last signed your estate planning documents?
- Have you had grandchildren?
- Since you have last signed your planning documents, have any of your children died, been married, or divorced?
- Have you gotten divorced or married since your planning documents were last signed?
- Have you, your spouse, or child become physically or mentally disabled since you have last signed your planning documents?
- Have you purchased or sold any real estate since your planning documents were signed?
- Are you thinking of selling stocks or other assets with a low-cost basis?
- Have you moved to a new state since signing or planning documents?
- Does your Power of Attorney grant the authority necessary to enable your agent to qualify you for Medicaid?
- Do you have concerns about paying for long term care?
