If you’ve ever done estate planning, you deserve a pat on the back. It may surprise you to know that about half of the people in the United States, don’t have an estate plan. It’s shocking, really, because all adults need their own estate plan. So, you’re off to a great start; but, there are some important things you may have forgotten since you did your estate planning.
Have you forgotten that you need to review and, as needed, update your estate plan every few years? Yes, your needs, the law, and your attorney all change so your estate plan may need to change as well.
- And, remember that if you go through a divorce, get married, have a baby, adopt a child, start a business, or move to a new state, you may need to update then as well.
- Oh, and have you remembered to fund your revocable living trust and title newly acquired assets in the name of your trust as well? You need to do this so that your estate plan works, meaning it does what you want it to do.
- Have you remembered to chat with your loved ones about your estate plan, introduce them to your estate planning attorney, and show them where you keep your estate planning documents and other important papers?
- Have you thought to update your list of assets and jot down up to date account number with user names and passwords? Include your PINs too.
- Perhaps, most importantly, please remember to write “I Love You” letters to your loved ones. This is truly the best inheritance of all.
- Did you think to ask your trusted helpers’ permission when naming them in your estate planning documents? Trusted helpers are your primary and contingent executor, trustees, guardians for minor children, and agents under powers of attorney for both finances and health care decisions.
Timothy P. Murphy is an estate planning and elder law attorney whose practice emphasizes helping people to build, preserve and pass on their wealth. He works with his clients to accomplish their goals while avoiding unnecessary court proceedings and minimizing or eliminating exposure to death taxes.
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