We are a little over a month into the new year. Have you reviewed your estate planning and documents (Will, Power of Attorney, Trusts, beneficiary designations) to make sure they fit your current situation?

Have you had a change in your life in the past year – a marriage, a divorce, an inheritance, a health issue/diagnosis, a death, or a spouse who needs nursing home care? Here is a checklist with link(s) to related articles and some facts to assist you in assessing your individual situation so that your estate planning meets your current needs:

• Are your beneficiary designations up to date?
  • If your spouse is in a nursing home, think about whether that spouse should be a beneficiary of your retirement account, annuity, or life insurance. If your spouse has died, and you have no contingent beneficiaries listed, there may be adverse financial consequences when you pass away, depending upon the type of investment.
  • Beneficiaries who are minors or with changed circumstances There are ways in which to leave your estate to a minor beneficiary. This requires specific wording and forms, which may vary depending upon the company or financial institution with which you have your investment.
• Do you have a college-bound child? What basic estate planning is needed for your 18-year old as they go to college so that you can assist and get access to information in an emergency?
• Do you need adjustments to your plan for your incapacity?
  • Are the agent(s) listed under your Financial and Health Care Powers of Attorney still the best choices? Have any of them died, become incapacitated, or are unwilling to serve? o Do you have a plan for when you cannot live at home anymore?
  • Do you have a plan for when you cannot live at home anymore?
• Does your Will still match your goals?
  • If you do not have a Will, then you should read “Who Inherits Your ‘Stuff’ if You Don’t Have a Will?”
  • If you think you are too young for a will, “The Importance of a Will for a Younger Person” is the article for you.
  • Is the person you named as your Executor still alive, competent, and able to manage your estate administration?
  • Does your Will leave everything to your spouse who is in a nursing home?
• Is it time for a trust?
  • Are you ready to plan for nursing home care?
  • When should you start asset protection from nursing home care?
  • How does an asset protection trust protect me?
• Is a family meeting in order?
  • How and why a family meeting is a good idea.
  • You may need a family meeting for your small family business.
• As you are near the end of your life, do you want to explain to your children or beneficiaries the importance of your estate plan and answer any questions they might have to avoid controversy and fighting after you have passed away?

There is no substitute for a comprehensive estate plan, and review of that plan every year or more often, if there are significant changes. If it is time for a review or you do not have estate planning documents, put estate planning at the top of your list and make an appointment to see us. We would be honored to work with you.