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The Montana Estate Lawyer

Friday, June 30, 2017

Estate Planning Checkup

Mid-year is a good time to review your existing estate plan to ensure that it is up-to-date. There are several things that you should review or consider when going through this, many of which I have listed below.

Look at any trust or existing will agreements.

If you have a trust, have you transferred your assets into the trust?

Analyze your beneficiary designations – – do they accurately reflect your current planning desires?

Look at your investments and make a note of whether you need to talk with your financial advisor about any questions or concerns that you may have:

Analyze your current insurance coverage and determine whether or not it is sufficient.

In case you become disabled, have you nominated someone to handle your financial affairs?

Do you have a current health care power of attorney that names an agent to act on your behalf to handle your head medical care if you are disabled?

Do your planning documents clearly set forth how your personal property will be distributed at your death, including the care of any pets?

Since you signed your estate planning documents, have you changed your mind about any aspect of the plan, including distributions and the people who will be acting on your behalf?

Have the value of your assets substantially changed since you signed your estate planning documents?

Have you married, divorced or been widowed since you signed your estate planning documents?

Have you retired since you last updated your planning?

Are there any changes concerning your family, heirs and devisees that may affect your planning, such as any of the following?

  • Birth or death of a child, grandchild or great-grandchild.
  • Birth or death of other family members named in your planning.
  • Marriage of a family member named in your planning.
  • Divorce of a family member named in your planning.
  • Children or great-grandchildren reaching age 18 or 21.
  • Changes in a child’s financial, marital or personal situation.
  • Disability of a family member named in your planning.

Setting aside time to review your estate plan and related considerations, and then following up as needed, will give you the peace of mind and confidence that the plan you have put together reflects and protects your wishes.  If you need any help in this regard, we would be happy to assist.

Jon


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