Quick Estate Planning Quiz

You should know the following things about your estate plan. If you don’t, you might want to review your documents. And if you don’t understand your documents, consider making an appointment with your attorney for a consultation.

1. Do you have an estate plan? Some people aren’t sure. They come to our office and have a recollection of signing a will years ago.
2. Do you know where your original estate planning documents are located?
3. Does your estate plan include estate tax planning? This is a simple question but most people do not know the answer. This is IMPORTANT stuff. Estate tax planning can save you hundreds of thousands of dollars if you have a taxable estate. On the other hand, if you do have estate tax planning, your surviving spouse may have an unnecessary expense if you do not have a taxable estate (although there are many other benefits, including asset protection, that may outweigh this expense).
4. Who are your fiduciaries (executor, trustee, personal representative, guardian)? Are they still the people you want in these roles?
5. Does your plan include probate avoidance? If it does, has everything been done to implement this plan?
6. When was the last time you checked your beneficiary designations on your retirement accounts and life insurance? Do they match your overall estate plan?
7. Have you given a copy of your health care designation and living will (also known as an Advance Health Care Directive) to your primary care physician? Have you discussed your health care decisions with your named surrogate?
8. How long ago did you execute your estate plan? Has your situation changed?

We go to the dentist twice a year, have our car’s oil changed every three thousand miles and get a hair cut every seven weeks. Getting your estate plan reviewed every two to three years should be doable.