Estate Planning Deficiencies Check-Up

Every successful estate plan has certain key elements to protect your goals and interests, and meet the needs of your family if you become ill or pass away. Your understanding of your own plan is one of the first key elements, and yet most people don’t know if they have a plan which is poised to create success for their family.  The following checklist is a good way to spot-check whether you can rest easy, knowing that your plan is in good shape. If so, you should be able to answer Yes to each of these questions. If not, then perhaps it is time to quit putting off the talk any longer, and make an appointment to see us.

                                                                                                   Yes No Unsure
Do you have a Will or a Trust in place?………………………………………………………………….
Has your Will or Trust been professionally reviewed in the last two years?…………………
Does your current Health Care Power of Attorney permit the person of your choosing (spouse, child, family) to make emergency health care decisions for you in the event  you are unable to do so?……………………………………………………………………………………..
Does your estate plan contain a customized plan to determine if you are mentally disabled?……………………………………………………………………………………………………………
Does your current estate plan give instructions for your care and the care of your loved ones in the event of disability?………………………………………………………………………………
Are you certain that your current estate plan will minimize possible federal and state estate taxes at your death, including taxes on your house, life insurance and IRAs?……
If you have a Revocable Living Trust in place as part of your estate plan, is your trust fully funded so that your family can avoid the delays and expenses of probate?………….
Have you taken steps to avoid possible will contests and disputes during the administration of your estate?……………………………………………………………………………….
Does your estate plan protect your children’s inheritance in the event your surviving spouse chooses to remarry?…………………………………………………………………………………
Have you recently checked the beneficiary designations of your retirement plans and life insurance policies, and are you confident that you have not listed your estate or any minor children as beneficiaries?………………………………………………………………………
Does your current estate plan provide creditor and lawsuit protection for assets passed to your surviving spouse?…………………………………………………………………………………….
Does your current estate plan provide creditor and lawsuit protection for assets passed to your children?…………………………………………………………………………………………………
Are you confident that your current estate plan is income tax efficient?………………………
Does your current plan protect your children’s inheritance from a divorcing spouse?……
Are you satisfied with the persons you named as guardians of your minor children in your current plan?……………………………………………………………………………………………….
Are you satisfied with the persons selected as executor and trustee in your current estate plan?……………………………………………………………………………………………………….
Are you confident that your executor, power of attorney, and successor trustee are prepared to act on your behalf when asked to?……………………………………………………….

If you would like an evaluation of your check-up, then please contact us at (412) 253-7526 or through our website to request a complimentary consultation to discuss your own goals, concerns and strategies to accomplish estate success for your family. Then, you’ll know!