Keeping Your Estate Plan Current in Uncertain Times

I know many of us are busy getting used to working from home, homeschooling children, and making sure our family members are supported during this uncertain time but now is a good time to review your existing estate plan. As a reminder, you should review your estate plan every three years or sooner if there are material changes in your life.

Here is a helpful check list when reviewing your estate plan:

• Are your assets properly placed in your trust? One of the most important pieces of homework you are left with after creating a trust is to “fund” your trust and to keep it funded in the years to come.

  • Did you sell or purchase a property?

  • Open a new bank account?

• What happens on the death of the first spouse? Some trust are drafted that all assets go to the survivor while others are drafted to divide the estate into two or three trusts. The reason for your initial decision may not be applicable or of concern anymore.

• Are your trustees/ agents/ executors still able to act?

  • Has anyone moved out of the country? Gotten too busy? Having health issues?

  • Are your children now old enough to act in these capacities?

• Are you still comfortable with your guardian nomination?

• Have you moved out of state?

• Do the ages of your children change anything?

  • Do your children need their assets held in trust until they reach a certain age?

  • Does one child require a special needs trust or some other protection?

• Can my successor trustee easily find contact information for everyone in my trust and close family members? If not, consider adding a page of important contacts to your estate planning binder.

• Can my successor trustee easily find all my assets? It is important for your trustee to easily be able to locate your assets. Consider keeping copies of bank statements, deeds, insurance policies, etc. within your estate planning binder.

• Have any laws changed? You will want to reach out to an attorney for this answer. Laws impacting estate planning do occur. The changes may or may not necessitate an update to your documents. A few of the biggest changes recently have been the increased estate tax exemption and the SECURE Act impacting the inheritance of retirement accounts.

If this check list triggers any questions or you would like to discuss your estate plan further do not hesitate to reach out. To keep everyone safe, the Law office of Stephanie Macuiba is following CDC recommendations and the Governor’s order. Although all client communication will be via email, mail, phone call, or Zoom rest assured we can still make any changes or updates you need during this time period. Stay safe everyone!