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Estate Planning Checklist During a Pandemic

As we practice social distancing, now would be a great time to review your estate planning documents and consider the following:

  • Do your estate planning documents conform to your wishes?
     
  • Do you have the originals of your documents (will/trust, power of attorney, etc.)?
     
  • How long has it been since you reviewed your documents?

We generally recommend reviewing matters with your attorney at least every five years.

  • Do you have a will-based estate plan or a trust-based estate plan? Revocable living trust-based estate plans are better than wills in many, but not all, situations.
     
  • Have you taken the time to complete the separate writing to your will? Get our free separate writing form!
     
  • Do your heirs/children know where your estate planning documents are located?
     
  • If you have a revocable trust, have you titled your assets to the trust?
     
  • Do you know the beneficiary designations on your IRA/401K/Annuities? Do they conform to your wishes?
     
  • Have you considered protecting your assets from the nursing home?

Now may be the time to consider irrevocable trust planning if you want to leave an inheritance to your children. These types of trusts must be set up 5 years before you get sick, but they are a great way to leave assets to your children in a tax-efficient manner. If you want to make a change to your estate plan, please do not do it yourself! Please contact us if you need help creating or updating any of your estate planning documents.

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