Are You and Your Family Protected? Take the Estate Planning Preparation Test.
Aug 16, 2011 / By: Pablo Palomino, Estate Planning Attorney / Category: Estate Planning, Incapacity Planning, Parents w/ Young Children, Pet Planning, Wills & Trusts
If you’ve attained the age of 18, this estate planning preparation test applies to you. Why? Because each and every adult needs an estate plan to protect himself or herself as well as the family. If you don’t create your own estate plan, the courts and state law will create one for you; and, it likely won’t be what you’ve chosen yourself.
- I have a will, naming guardians and contingent guardians for my minor children.
Yes No Don’t Know
- I have stand-by guardianship authorization for my minor children.
Yes No Don’t Know
- I have a valid and up-to-date health care power of attorney so my chosen loved ones can make emergency medical care decisions for me if need be.
Yes No Don’t Know
- I have a valid HIPAA release so that my medical professionals are authorized to communicate with my health care agents.
Yes No Don’t Know
- I have a valid living will so that I am not hooked up to machines if I am in an irreversible coma or persistent vegetative state.
Yes No Don’t Know
- I have a valid and up-to-date financial power of attorney so my chosen loved ones can make emergency financial decisions and pay my bills for me if need be.
Yes No Don’t Know
- My revocable living trust is fully funded so probate will be avoided.
Yes No Don’t Know
- I have the appropriate amount of life insurance so my income will be replaced and last bills will be paid when I die.
Yes No Don’t Know
- I have planned to avoid unintentionally disinheriting my children.
Yes No Don’t Know
- I have protected my spouse’s and children’s inheritances from predators and creditors.
Yes No Don’t Know
- My family knows my wishes for my funeral and burial.
Yes No Don’t Know
Unless you can answer “yes” unequivocally to each and every statement, you likely need to have your estate plan updated. Consult with a qualified estate planning attorney for a review and update.
Legacy APC, A Trusts & Estates Law Firm is a member of the American Academy of Estate Planning Attorneys.
Tags: Avoiding Probate, Estate Planning Updates, Guardians for Minor Children, living will, powers of attorney, Trust Funding
