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Check-Up

 

Is your present Estate Plan correct for your present situation?  Is it up-to-date?  When should you have an Estate Plan Check-Up? 

 

The following is a list of some of the main Estate Plan Check-Up actions you need to take or consider upon each of these 12 life events.  Print this page and place a       by those items you need to address or wish to discuss.

Marriage

Revise Estate Plan to add Spouse as beneficiary.

Name Spouse as new appointee for Financial Power of Attorney and Health Care Power of Attorney.

Acquire Life Insurance and Disability Insurance to provide for spouse and children.

Sign Estate Planning Letter.

First

Child

Revise Estate Plan to add child as beneficiary.

Designate Guardian for child in your Will.

Increase Life Insurance and Disability Insurance.

Revise Estate Planning Letter for Child Care.

Residency Change

Revise Estate Plan to meet requirements for new State.

Consider impact of new State’s estate and inheritance tax.

If expecting to sell certain investments or business  consider if this is best before or after residency change, to manage income tax impact.

Every 4 -

5 Years

Revise Estate Plan due to changes in desired appointees for your Living Trust (trustees), Will (Executor/Personal Representative), Financial Power of Attorney (Agent), Health Care Power of Attorney (Agent).

Revise persons (families, charities, etc.) or times you desire for distributions from your Living Trust upon your death (in order to best protect or provide for your family).

Establish or modify your education funding.

Establish or modify your charitable bequests.

For business owners, adopt, review or revise your Succession Plan or Exit Plan.

Make sure you have titled your assets to your Living Trust.

Update life, disability and long-term care insurance.

Make sure life and disability insurance and retirement plan beneficiary designations are up-to-date and correctly name your Living Trust where applicable.

Review retirement projections with financial advisor.

Confirm assets are appropriately balanced between spouses.

Make sure Life Insurance Trust is being properly kept up.

Confirm your adult children’s Estate Plans are handled.

Update your Personal Asset Protection Plan.

Revise Estate Plan where spouse had been named as appointee or beneficiary.

Revise Estate Plan to adjust coverage for children.

Divorce

Major Health

Change

Revise Estate Plan to provide for special needs.

Make sure persons named as appointees to address your  financial and health care issues are informed.

Make sure Health Care Power of Attorney and Health Care Directive are current.

Make sure Financial Power of Attorney is current.

Second

Marriage

Revise Estate Plan to name Spouse and address other matters which arise from a second marriage.

Revise Estate Plan to address yours/hers children situations.

Major Estate

$ Change

Revise Estate Plan to address changes to plan for distribution of estate.

Address Estate and Gift tax planning strategies.

Address investment management needs.

Law Change

Address revisions to Estate Plan due to estate, trust and health care law changes.

Address new tax planning due to tax law changes.

Retirement

Determine pre-Nursing Home planning to address assets to be utilized for care.

Review retirement plan elections.

Update Estate Planning letters (e.g. for gifts of personal items and funeral wishes).

Nursing

Home

Determine Nursing Home, assisted living or home care alternatives and costs.

Revise appointees under Living Trust, Will, Financial Power of Attorney and Health Care Power of Attorney.

Update Health Care Directive (Living Will).

Family

Death

Address post-death estate and trust asset transfers, Federal and State estate tax returns, county inheritance tax return, post-mortem elections and tax planning, post-death income tax returns and determination if Death Probate is needed.

Revise Estate Plan of surviving spouse due to changes in desired appointees for your Living Trust (trustees), Will (Executor/Personal Representative), Financial Power of Attorney (Agent), Health Care Power of Attorney (Agent) .

Revise persons or times you desire for distributions from surviving spouse’s Living Trust upon death.

 

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