Time For A Late Summer Review Of Estate And Asset Protection Plans
Summer is drawing to a close.
There are, however, still plenty of long lazy days before the buzz of fall begins. I often suggest that people use some of this late summer down-time to review whatever legal plans have been put in place for long-term estate planning and asset protection. And, if you don’t have a plan, this slower time is perfect for scheduling a meeting with an Estate and Asset Protection Attorney to explore your options.
The Following Five Areas Often Require Frequent Reviews
1.Successor Trustee. Who have you appointed to step into your shoes and take charge if you become incapacitated? Do you still trust this person 100%? Has anything in this person’s life changed that would affect his or her decision-making abilities concerning your legal affairs? Has there been a recent dispute in the family? What is the order of succession of trustees? If you have any questions whatsoever about your order of succession it may be time to make changes. Your Trustee is the most important estate planning decisions you make, so you’ll want to make sure you are always comfortable with your choice.
2. Family Transitions. Has there been a change in the marital status of anyone named in your will or trust? Has there been a birth of a child or grandchild? If so, your estate plan may need to be amended.
3.Life Insurance. When is the last time you checked the owner of your life insurance policies and the beneficiary designations for those policies? Some life insurance should be owned by an irrevocable life insurance trust to avoid the estate tax.
4.Health Care Surrogate. If you have a child over 18 who is now in college, it is highly recommended that he/she gives you legal authority to make medical decisions on their behalf. Remember, once your child turns 18, they are an adult, and you have no legal authority to make any legal decisions on their behalf.
5.Estate Plan Review. Has it been more than three years since you reviewed your estate plan? If so, you definitely want to review to assess whether your plan continues to meet all the needs of your family.
When Significant Life Events Affect The Legality Of Your Plan
As you can see, life’s continuous seamless forward motion can have an adverse effect on the best laid plans. Marriages, births, deaths, divorces, illnesses, accidents, irreconcilable disputes – without question, they keep life interesting, challenging and must be kept up with for the legal enactment of your estate and asset protection plan. If you realize significant events have occurred that will have an effect on the legality of your current estate and asset protection plan, give us a call to schedule a meeting. We will review it with you and make the necessary changes.