![]() ![]() Last Will and Testament ( What is a Last Will and Testament?)ĭurable Power of Attorney ( What is a Power of Attorney?)Īdvance Directive for Health Care ( What is an Advance Directive?)Īll these documents name representatives (or "fiduciaries") to make decisions for you if you cannot make them yourself.ĭo you still trust these people to serve your best interests? Have your children become adults and, if so, would you like to appoint them as your representatives or alternates? Review your core estate planning documents such as your: If you have not spoken with an estate planning attorney (and a financial adviser, for that matter) since the new tax laws came into effect, we strongly recommend doing so. The IRS recently announced further changes to the estate tax and gift tax exemptions for 2019. Included in that overhaul were major changes to individual income taxes, deductions, business taxes, and estate taxes - all of which can dramatically impact your estate plan. Forbes even called it "the most comprehensive overhaul of the tax law in 31 years." The 2017 Tax Cuts and Jobs Act dramatically affected our tax laws. Does your plan take new tax laws into account? If you have had any of the five “D’s” happen: death in the family, diagnosis with long-term health condition, divorce, decline in health, or departure to a new state you should have your estate plan reviewed by your attorney.1. Every four years pull your documents out and sit down to review if they are still in line with your wishes. A good reminder for reviewing your estate plan is to check it every time there is a presidential election. It is important to ensure that you don’t take your estate plan and put it in a filing cabinet, only to be opened after your death. Your assets will change as time goes by, as will your family situation and ultimately your goals. ![]() There is no estate plan that can be created which will last your entire life. Both of these documents can save your family the trouble of needing to petition a court to be appointed as your guardian or conservator should you be incapacitated. A health care directive can name someone to make healthcare decisions for you. ![]() A power of attorney can name someone who can make financial decisions on your behalf. If you are physically or mentally incapacitated, you will need to ensure that you have documents to plan for those circumstances. Your Will only governs your property after your death. A good estate planning attorney will be able to provide you with guidance in this process so you can properly make the required changes. Due to this, if you have created a trust, you should ensure the accounts are titled to the trust or name the trust as a beneficiary. Assets naming beneficiary designations will pass according to the beneficiary named on the account. You should be careful to review the titling on all your property to ensure it will pass according to your Will or Trust. Check your beneficiary designationsįollowing the execution of your estate planning documents, it is important to make sure that your plan will work the way you have envisioned. The attorney can use their experience administering estates to ensure that your wishes are clearly outlined in a way that will save costs to pass your assets to your heirs. These recommendations should be tailored to your specific situation. ![]() They will also be able to discuss the pros and cons of different estate planning tools, such as a Will, Trust, or other methods. During your meeting, the attorney can recommend specific documents to enable you to make your wishes legally binding after your death. It’s a good idea to go through this process before meeting with an attorney. Once you know what you have, you should think about where you would want your property to go following your death. You may be surprised at how much you have once you put it all down in one place! Make it legal Frequently when working with an estate planning attorney, the attorney will provide you with a questionnaire to organize this information. If you work with a financial planner or advisor, they can be helpful to assemble this list. This would include bank accounts, investment accounts, retirement accounts, life insurance, real estate, vehicles, stock, bonds, business interests, etc. Sit down and make a list of all of your assets. Your Estate Planning Checklist Itemize your important informationīefore you start your estate plan, it is a good idea to have an idea of what is in your estate. Most of us don’t like to think about what will happen when we are no longer on this earth, much less plan for it! However, planning can give you peace of mind and ensure that you have relieved your loved ones of the burden of tackling a disorganized estate. Death can be a pretty dreary conversation topic. ![]()
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