Checking In - Is Your Estate Plan Up To Date?

With the Covid-19 pandemic still raging, many have been inquiring about the state of their estate plans.  Over the last several weeks I have tried to address some basic issues like will requirements and health care documents.  Today I thought I would step back and take a look at the big picture of estate planning. The following checklist is one we use to help our Client’s assess the state of their estate plan:

I have a current Health Care Power of Attorney and living will (Advance Healthcare Directive) to permit my spouse, children, or another trusted person to make healthcare and end of life decisions for me in the event I am unable to do so.	Yes	No	Don't Know
I have a current HIPAA Authorization authorizing doctors and staff to speak with and provide documents to my spouse, children, or other trusted persons.	Yes	No	Don't Know
I have a current Financial Durable Power of Attorney to permit my spouse, child, or another trusted person to handle my financial affairs in the event I become disabled.	Yes	No	Don't Know
I have a Will that clearly identifies who will be responsible for managing my affairs after my death and who are the beneficiaries of my estate.	Yes	No	Don't Know
My Revocable Living Trust or Power of Attorney specify a clear test to determine my disability?	Yes	No	Don't Know
If I have a Revocable Living Trust in place as part of my estate plan, my Trust gives clear instructions for my care and the care of my loved ones?	Yes	No	Don't Know
If I have pets, my estate plan gives clear instructions for the care of my pets?	Yes	No	Don't Know
I am certain that my current estate plan will minimize possible income and estate taxes at my death, including taxes on retirement accounts.	Yes	No	Don't Know
If I have a Revocable Living Trust in place as part of my estate plan, I’m sure that my Trust is the owner of assets so that my family can avoid the delays and expenses of probate.	Yes	No	Don't Know
I have taken steps to avoid possible contests and disputes among my family at my death.	Yes	No	Don't Know
I have taken steps to protect my children’s inheritance in the event my surviving spouse chooses to remarry.	Yes	No	Don't Know
I am satisfied that my estate plan is structured so that it will not harm the ability of any disabled child to receive needs based government assistance.	Yes	No	Don't Know
If I own a business, I am satisfied that my estate plan will allow for the orderly transition of that business upon my death.	Yes	No	Don't Know
I have recently checked the beneficiary designations of my retirement plans and life insurance policies to ensure that my primary and contingent beneficiaries are current and minimize the tax impact on my estate after I die.	Yes	No	Don't Know
I am satisfied with the persons I have named as guardians and conservators of my minor or disabled children in my current plan.	Yes	No	Don't Know
I am satisfied with the persons I named to make financial decisions in my current plan.	Yes	No	Don't Know
I am satisfied with the persons I named to make health care decisions in my current plan.	Yes	No	Don't Know

If you answered “No” or “Don’t Know” to any of these questions you should have your plan reviewed by a competent attorney - soon.  Unfortunately, in administering estates I often am called upon to minimize the damage from mistakes that could have been easily corrected and saved substantial amounts of money if addressed while the person was still alive and competent.  In the coming weeks and months I will address each of these areas in greater detail.  We are also regularly posting videos on these topics to our YouTube Channel.  We would encourage you to subscribe to our channel so that you can receive notice when a new video is posted.    

Please call if you would like to have the attorneys at Hallock & Hallock review your estate plan.  We have a rigorous review checklist designed to unearth problems now that may derail your estate plan later.

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This post is for informational purposes only and not for the purpose of providing legal advice. You should contact an attorney to obtain advice with respect to any particular issue or problem. Nothing herein creates an attorney-client relationship between Hallock & Hallock and the reader.