Estate Planning Checklist
Here's a test every adult should take - it's not hard, but the consequences of failing can be serious:
1. I have a current Health Care Power of Attorney
to permit my spouse, children and/or family to
make emergency health care decisions for me
in the event I am unable to do so. Yes No Don’t Know
2. I have a current Durable Power of Attorney to
permit my spouse or children to handle my
financial affairs in the event I become disabled. Yes No Don’t Know
3. My Revocable Trust and Powers of Attorney
specify an understandable test to determine
my disability. Yes No Don’t Know
4. If I have a Revocable Living Trust in place
as part of my estate plan, it gives instructions
for my care and the care of my loved ones if I
become mentally disabled. Yes No Don’t Know
5. I am certain that my current estate plan will
minimize possible federal and state estate taxes at
my death, including taxes on my house, life
insurance and IRAs. Yes No Don’t Know
6. If I have a Revocable Living Trust in place
as part of my estate plan, I’m sure that my trust
is fully funded so that my family can avoid the
delays and expenses of probate. Yes No Don’t Know
7. I have taken steps to avoid possible will
contests and disputes at my death. Yes No Don’t Know
8. I have taken steps to protect my children’s
inheritance in the event my surviving spouse
chooses to remarry. Yes No Don’t Know
9. I have recently checked the beneficiary
designations of my retirement plans and life
insurance policies, and I am confident that I have
not listed my estate or any minor children as
either primary or secondary beneficiaries. Yes No Don’t Know
10. I have a plan to provide creditor and lawsuit
protection for assets passed to my surviving spouse. Yes No Don’t Know
11. My current plan provides creditor and
lawsuit protection for my children's inheritance. Yes No Don’t Know
12. My current plan addresses income tax
planning. Yes No Don’t Know
13. I have a plan to protect my childrens’
inheritance from a divorcing spouse. Yes No Don’t Know
14. I am satisfied with the persons I named as
guardians of my minor children in my current plan. Yes No Don’t Know
15. I am satisfied with the persons I named as
executor or trustee in my current plan. Yes No Don’t Know
16. I am satisfied that my current plan sets up a
contingent trust for my minor children. Yes No Don’t Know
17. I am aware of all future estate planning
fees and expenses, including an understanding
of those involved at the time of my death. Yes No Don’t Know
18. My children have met with my attorney
and fully understand their roles and
responsibilities upon my incapacity or death. Yes No Don’t Know
If you answered "no" or "don't know" to even one of these questions, you are probably due for an estate planning checkup. Make sure you use a qualified attorney to assist you.
Thanks to Ohio attorney Ted Gudorf for this checklist.
