Review the questions below to see if it is time for an Estate Plan Check-Up. Since your estate planning documents were signed:
- Has it been more than 3 years?
- Does your estate plan name Guardians for your minor children?
- Since creating your estate plan, are your children now adults?
- Are there any assets that you have not transferred into your Trust?
- Are your Medical and Financial Power of Attorney documents older than 5 years?
- Are there any gifts you would like to make to charities that have not been clearly set forth in your planning documents?
- Is there any personal property that you would like distributed that has not been clearly set forth in your planning documents, including the care of any surviving pets?
- Have you changed your mind about any aspect of the plan?
- Has the value of your assets changed?
- Have you added or changed the kind of assets you own?
- Have you recently married, divorced, or widowed?
- Have you had children?
- Have your children had children?
- Have any of your children married, divorced, or died?
- Have you, your spouse, or child become physically or mentally incapacitated?
- Have you bought or sold a house or other piece of property since signing your documents?
- Do you own a house or property in another state?
- Are you contemplating selling stock or other valuable assets with a low-cost basis?
- Have you moved between states?
- Would you like to make any changes to the persons you designated as your agents/representatives?
- Does your current plan protect your children’s inheritance from a divorcing spouse or lawsuits or your possible remarriage?
- Does your plan protect you and your assets from expensive long-term care costs?
- Does your plan protect against the long-term care expenses of a spouse?
If you have answered ‘YES’ to any of these questions, it is a good idea to schedule a review appointment.
