Having an estate plan that does what it is meant to do requires a little maintenance. Conducting an estate plan audit at least once every three years can save you (and your family) a lot of stress and heartache. To conduct an audit, just follow these steps. If you have any questions, be sure to schedle an appointment with your estate planning attorney.
First ask yourself, what documents do you have?
- Health Care Directive
- HIPAA authorization
- Power of Attorney
- Will or Living Trust w/ Pour over Will
- Temporary Guardian for Minor Children
Review each document carefully and consider your wishes:
Health Care Directive
- Who have you named as your primary Health Care Agent? Is this the same person you would select today?
- Who have you named as your alternate Health Care Agent? Is this the same person you would select today?
- Is there anything about the that you would change?
- Review your medical instructions. Is there anything you wish to remove? Is there anything you wish to add?
Power of Attorney
- Who have you named as your primary Attorney-in-Fact? Is this the same person you would select as your primary agent today?
- Who have you named as your alternate Attorney-in-Fact? Is this the same person you would select as your alternate agent today?
- Is there anything about the appointment of Attorneys-in-Fact that you would change?
- Is there anything about the powers and granted to your Attorney-in- Fact that you would change?
Will or Living Trust w/ Pour Over Will
- Who have you named as your primary Personal Representative? Is that the same person you would select today?
- Who have you named as your alternate Personal Representative? Is that the same person you would select today?
- If you have a trust, either in the will or separately, who have you named as your primary Trustee? Is that the same person you would select today?
- Who have you named as your alternate Trustee? Is that the same person you would select today?
- Is there anything you would change in the distribution of your estate? (Special Gifts, Residue, and/or Trust clauses)
- Is there anything you would change in the terms of the Trust?
Guardian Designations
- If you have minor children, who have you named as the primary guardian? Is that the same person you would select today?
- Who have you named as the alternate guardian? Is that the same person you would select today?
- Is there anything you would change about the guardianship provisions?
- Is there anything else in the Will or Trust you would change?
- Who have you named as a temporary guardians? Are these the same people you would name today? Are they still willing and able to act?
- Is there anything you would change about the Temporary Guardian Designation?
Then ask yourself, what additional steps have you taken?
- Have you updated your beneficiary designations on all accounts?
- If you have a living trust, have you transferred titles?
- Have you prepared your Estate Planning Organizer?
- Did you provide copies of your Health Care Directive to your Agents?
- Do you have a LegalVault membership?
- Have you compiled a written property list for special gifts?
- Have you prepared any funeral or memorial service plans?
Next ask, have there been any significant life changes for you, your family, your beneficiaries, or your agents?
- Any births or adoptions?
- Any deaths?
- Marriages, divorces, or separations?
- Is there a new address or phone number for you or your agents?
Since your documents were signed, have there been any significant changes to your assets?
- Change in the value of your assets?
- Change in the type of your assets?
- Change in the location of property?
Do you know if there have been any significant changes to the laws?
Do you have any other concerns about your estate plan?
Finally… what have you done to preserve your life’s story?
Passing on who you are and what you have experienced can mean so much more to your loved ones than who gets your property.
If you have any questions or need to make changes to your estate plan it is important to meet with your estate planning attorney. DO NOT attempt to make changes to the documents yourself! Doing so can create unintended consequences leaving your loved ones with a mess to clean up.
