If You Already Have an Estate Plan, Keep this List in Mind.

Nearly everyone in America would benefit from the security of having a basic estate plan that includes a Will, Powers of Attorney (both financial and medical) and an Advance Directive (sometimes referred to as a Living Will.) If you fall into the category of pre-planning Americans who have already completed their plan, you’ve gone further than most. But, you may not be done. Here are a few important actions that you should consider if you haven’t already:

Periodically Revisit Your Plan: Depending on the complexity of your personal or financial status, you should periodically revisit your estate and financial plan. Most attorneys suggest a plan review at least every 5 years (although such review should be done more frequently if you are a high net-worth individual, or if your family situation changes because of a birth, divorce, marriage, etc.). Your estate plan is often an active part of your life and should not be done only once in your lifetime.

Preserve Original Documents and Keep them Accessible: In most states, courts want to see the original documents, not merely photocopies. Because some state laws can infer that you have revoked documents that can’t be produced, it’s important to ensure that original, signed documents can be given to a court when needed. Also, don’t merely squirrel the documents into a safety deposit box that only you can access. After all, if you have appointed your brother as your primary decision maker if you become incapacitated, how can he access those documents? One possible solution is to store your Estate Plan in a at-home safe that is fire resistant and is accessible by the person you’ve named as the Executor under your Will or the Agent named under your Power of Attorney. No matter where you store your important documents, be sure and tell people close to you where they can find your documents if necessary.

Compile an “Important Documents” File: Consider the hardship that your loved ones will go through immediately if you are seriously injured or when you pass away. They may not be thinking clearly or have immediate access to a lawyer. We suggest taking the time to create a binder that includes the following: your estate planning documents (originals), insurance documents, home deed, a list of banking accounts (including account numbers and institutions), a list of any significant creditors, and even digital asset usernames and passwords. You may also include your list of trusted advisor, such as your attorney, CPA, insurance professional, or treating physician. Once you’ve compiled the binder, store it in a safe and secure place (see above) and instruct your trusted loved ones where they can find it.

Review and Verify Beneficiary Designations and P.O.D. Designations: By law, most states require insurance designations to be made in writing. Most banking institutions require the same. If you have any life insurance or wish to designate your financial accounts (including bank accounts, retirement accounts, or stock accounts), contact your insurance or financial professional to verify the designations meet your goals. If they don’t, ask them how to revise them to meet your estate planning goals.

For more information about estate planning please contact our office. We can provide guidance or help with your existing estate plan. Contact us today at 806-928-2087.