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?