Estate Planning and Tax Lawyer Blog

Most Americans will take their car to get their oil changed or will change the interior of their homes when it gets a little out dated. Why don’t they do the same with their legal needs? Although most Americans do not have an estate plan, those who do have an estate plan set up their estate plan and then forget about it for at least 20 years. What could happen in 20 years? Laws, family and the attorney changes in 20 years.

Here are a series of questions to ask yourself to make sure that your estate plan still does what you want it to. If you answer “No” or “I don’t know” to any of the questions, you need to schedule a consultation with an estate planning attorney so that your estate plan may be reviewed with you to either tell you what it says or update it so that you have an estate plan that works for you and your needs.

1. Do you have a current Health Care Power of Attorney that has the required HIPAA authorizations to permit someone to make emergency health care decisions for you in the event you are unable to do so.
2. Do you have a current Durable Power of Attorney that is less than 4 years old to permit someone to handle your financial affairs in the event you become disabled.
3. Are you certain that your current estate plan will minimize possible federal estate taxes at your death, including taxes on your home, life insurance and IRAs.
4. Have you taken steps to avoid possible disputes at your death.
5. Have you taken steps to protect your children’s inheritance in the event your spouse chooses to remarry.
6. Have you recently checked the beneficiary designations of your retirement plans and life insurance policies.
7. Does your current plan provides creditor and lawsuit protection for your spouse and children’s’ inheritance.
8. Do you have a plan to protect your children’s inheritance from a divorcing spouse.
9. Are you satisfied with the persons you named as guardians of your minor children.
10. Are you satisfied with the persons you named as executor or trustee in your current plan.
11. Are the persons you named as executor qualified to serve under Florida law.
12. Are you aware of all future estate planning fees and expenses; including an understanding of those involved at the time of my death.
13. Has your family met with your attorney and fully understand their roles and responsibilities upon your incapacity or death.
14. Does your Revocable Trust, if any, and Power of Attorney specify an understandable test to determine your disability.
15. Does your Revocable Trust, if any, give instructions for your care and the care of your loved ones if you become mentally disabled.
16. Is your Revocable Trust, if any, fully funded so that your family can avoid the delays, publicity and expenses of probate.
17. Do you and your spouse, if applicable, own everything jointly.
18. Have you put your personal property into my Revocable Trust, if applicable.
19. Have you created a personal property memorandum to dispose of your personal property.
20. Do you own property in another state which has already been dealt with in your estate plan.