Estate Planning is Not a One-and-Done Event

6/18/2020

The Estate Planning Checklist

Estate planning is not a one and done event. It's critical to create, and periodically update documents the communicate your wishes to your loved ones if you die or become incapacitated.That's why the estate planning attorneys at Rusconi, Foster and Thomas are offering this checklist:

1. The Advanced Healthcare Directive (AHCD)

First, is the Advanced Healthcare Directive. The AHCD allows the person you name to make medical decisions for you if you are incapacitated.It also lays out end-of-life decisions regarding treatment

2. The Durable Power of Attorney

Next, is the Durable Power of Attorney. A financial POA allows someone else to manage your finances, including paying your bills, if you become incapacitated. This power can be as narrow or as broad as you'd like.

3. Your Will

Third is your will. Your will explains where you want your assets to go after you die. A will should have an executor. And if there are minor children involved, you need to name a guardian.

4. A Revocable Living Trust

Next is the revocable living trust. You can place all of your assets, including your bank accounts, into a trust. When you die, the successor trustee you named automatically takes control. No need for long or costly probate.

5. Retirement Account Beneficiaries

And finally, don't forget to update your IRA and other retirement account beneficiaries. You want to make sure the right person gets the money.

If you are in South County, you can get expert legal help right here at home. Contact us today.

10 Comments

Kristofer Van Wagner link

2/17/2021 09:23:02 pm

I appreciate that this post stressed that it is important for us to hire a probate attorney or an estate litigation attorney for our estate. It makes sense for us to hire them as they can help manage our estate as well as ensure that they are professional and understand the industry well. I will definitely look into hiring an attorney to have my estate manage in the event of an untimely demise.

Taylor Hicken link

5/3/2021 10:47:06 pm

You made a good point when you shared that it is best to work with an estate planning lawyer who can help execute your will before you pass away. My friend just mentioned the other day that he is worried about his family as he just found out that he has terminal illness. I will suggest to him looking for a reliable estate planning lawyer who can help him to produce a will.

Braden Bills link

8/4/2021 08:08:36 am

I want to make sure that I get my estate planned properly. It makes sense that I would want to work with a professional to help me out with this. That seems like a great way to ensure that I handle everything properly.

Henry Killingsworth link

8/10/2021 12:40:56 pm

You made an interesting point when you talked about how it is important to periodically update your estate plan. It seems like you would want to update your estate plan when you have major life changes in your life. I would think that major life events can affect your estate plan, so it seems like it would be important to remember to do this.

Hailey Miller link

8/18/2021 07:00:21 pm

Thanks for pointing out that estate planning is important so we can have a trustee who can take control of our assets in case of an untimely event. This is really helpful because my husband and I are planning ahead for our two kids' futures. With this, we are hoping to find a reliable estate planning lawyer on Monday who can handle all our assets and properties to avoid conflict and confusion among our loved ones.

Mia Evans link

10/20/2021 09:23:49 pm

Thanks for pointing out that wills will be able to explain what will happen to your assets after you die. I should hire an estate planning lawyer to help me create one to protect my property for my kids. It's because I am a single mom of three kids, so I need to make sure that I will be preparing my property if ever I get into an incident in the future.

11/22/2021 05:57:24 am

I'm getting older, so I want to make sure that my will is figured out properly. It makes sense that I might want to work with an estate planner to help me out with this. It's good to know that they can help out with setting up a will.

12/5/2021 09:31:44 pm

It is great that this post reminded us that when considering to hire a probate attorney, it is best that we ensure they are certified. It makes sense as in doing so, our estate will be handled properly. I will definitely be mindful of who I hire when I look to have my estate needs sorted.

Millie Hue link

12/6/2021 04:47:37 pm

Thanks for helping me understand that the will needs an executor to help explain where the assets will go for you. I guess it would be best if I have an estate planning professional to help me pick the right person for this role. I have a kid, and I am a single mom that is why I am not sure who to pick as the executor at the moment.

Rick Jones link

12/14/2021 04:15:40 pm

I'll be sure to get an executor for my will. That way my kids don't fight over anything. The executor would also ensure everything is taken care of legally.

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