It is recommended that your estate plan should be reviewed and updated periodically. Here are some important areas that should be considered:
Do you have a current will or living trust drafted by a qualified attorney? If you don’t have a will make an appointment with an attorney.
Do you review and update your will every 1 to 2 years?
Have you named an executor in your will and notified that person?
Have you written the “Laundry List” of personal items and who should receive them? There is often more conflict in families about these items than about financial assets.
If your estate is valued at more than $5,450,000, an estate tax return must be filed. Have you made arrangements for minimizing federal estate taxes?
Is your life insurance adequate for you and your family’s needs? Are all the beneficiary designations up to date?
Do you have beneficiaries who require special care?
Have you established a durable power of attorney in case you become incapacitated?
Does your will name a guardian for any minor children you may have?
Take a few minutes - to pray and write down the names of loved ones, people and institutions, including your parish, you hold dear. Have you made any provisions for them in your will?
Do you have a living will or health care power of attorney?
Should you have any questions, consult your financial advisor or attorney.