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planning matters
• WITH HVW LAW
KEEPING YOUR
estate planning UP TO DATE
Once you have made an investment of time and money into your estate plan, keeping it up to date is extremely important. Many go through the process of discussing and finalizing documents and coordinating assets and then set their estate plan aside with the thought “Well, we took care of that.”
Financial Situation. Has there been a significant change in your financial situation? Have you inherited money, won the lottery, received a largerthan-expected bonus, had investments do extremely well or go sour?
Like many other things in life, a good estate plan needs maintenance. Regardless of size and type of assets, an annual review is important. The purpose of this issue’s article is to provide a checklist for review considerations.
Move. Have you moved into a new state? There are certain states that have community property rules that might result in a different approach to your estate plan. Additionally, some states have more or less favorable rules related to asset protection, death taxes, directed trusts, special needs trusts and other estate planning issues.
Life Changes. Has there been a significant change in your family situation? Has anyone died, gotten divorced, become disabled, retired, started a new career? Have you, or someone in your family, had a baby or adopted a child? Has any member of your family had a child with artificial reproduction or had sperm or eggs frozen?
mary e. vandenack
Asset Titling and Beneficiary Designations. Many go through the process of verifying asset titling and beneficiary designations when they do their original plan. It is important to review, verify and update as appropriate. Power of Attorney for Financial Decisions. Who is your primary agent? Who is secondary? Are they still able to act? Have they moved or been through a life change? Have you reviewed the powers that your agent has to act to ensure they are sufficient to handle any issues that arise but that protect you from anyone making undesirable changes to your plans or using assets other than for your welfare during your life? Health Care Directives. Do you have a power of attorney or other directive for your health care? Who is the agent? Have there been any changes? Have you talked with your agent about what you want if a health issue, particularly an emergency, arises? Have you completed a letter of intents and purposes regarding your desires if you are terminally ill or in a persistent vegetative state? Guardianship for your children. If you have minor children or an adult disabled child, have you established a guardian? Has there been any change that requires you to reconsider? Business Succession. If you are a business owner, do you have a succession plan? Philanthropic Goals. Have you made a pledge to charity? Is that considered in your estate plan? If you have a foundation, are you reviewing its processes and required filings annually? Asset Protection. Does your estate plan incorporate asset protection to protect you, a spouse if you have one and your beneficiaries from divorces or pursuing creditors?
For more information visit www.vanwil.com. 48
mQUARTERLY • MAY/JUN/JUL 2016