Estate Planning To-Do List

Make sure you have your estate plan up to date. Here is a quick to-do list. There is no better time than now to get serious about creating or updating your plan.

  1. Make sure you have an updated Last Will & Testament: This describes your wishes for your estate upon your death. You may need a more advanced Will or even a trust, depending on your needs.
  2. Make sure you have updated powers of attorney: You need powers of attorney for both for your general/financial affairs and for your health care. These ensure that if you become disabled, someone will have the power to step into your shoes.
  3. Check your beneficiary designation forms for life insurance policies, IRA's, 401(k)'s, etc: Many people forget to update these forms for various accounts. Any account with this type of form does not pass through your Will or trust!
  4. Make sure you know where your original Will and powers of attorney are: They should be in a fire-proof records safe in your home, not a safe deposit box at a bank.
  5. Communicate: Ensure that your agents (executor, trustee, powers of attorney, etc.) know their respective roles, and know where your original estate planning documents are.
  6. Keep Up To Date: Continue to review this blog for updates on the federal estate tax. It could potentially come back in 2011 and effect many more people than it used to. If that occurs, you will need to have your estate plan reviewed.

If you need your estate plan created or reviewed, contact our office today at (215) 706-0200 for your complementary consultation.