Life changes quickly and your estate plan should change with it. Review the following items to make sure your plan will work when you need it.

  • Durable Power of Attorney for Financial Decisions. Have you designated the correct primary agent and alternate agent(s) to manage your financial decisions if you become incapacitated?
  • Durable Power of Attorney for Health Care. Have you designated the correct primary agent and alternate agent(s) to make your health care decisions if you become incapacitated?
  • Personal Representative. Does your will designate the correct personal representative and alternate personal representative(s) to make sure that your wishes are honored when you pass away?
  • Guardian. If you have a minor child, does your will designate the correct guardian(s) to take care of your child if you pass away unexpectedly?
  • Beneficiaries. Does your will and/or revocable trust correctly describe your wishes for division and distribution of your assets among your beneficiaries when you pass away?
  • Outright or Hold in Trust. Does your will and/or revocable trust provide the correct timing of distribution for your beneficiaries?  Are your beneficiaries ready to receive outright control of their inheritance or do they need a trustee to manage it until they are older?
  • Distribution Age(s). Does your will and/or revocable trust designate the correct age(s) your beneficiaries should reach before your Trustee turns over control of their inheritance?
  • Trustee. Have you designated the correct trustee and successor trustee(s) to manage your property for your beneficiaries?
  • Property. Is the ownership of your assets and your beneficiary designations on accounts and life insurance policies properly coordinated with your will and/or revocable trust?

For assistance updating your estate plan, call to schedule an appointment with the legal team at Steffens Law Office.

Be the first to comment!
Post a Comment