How’s your Estate Planning health?
January is a great time to take inventory of your family’s overall well-being and preparedness. Here are a few things to be mindful of as we begin 2022.
First, do you know what is in your Last Will and Testament or your Trust? Do you have an estate plan? If you do have a plan, when was it completed? When was the last time you looked at your documents? We often hear from clients that they have forgotten what they put into their plan, or that it was done 5, 10, or even 20 years ago. Estate planning is not “once and done,” and must be reviewed to ensure that YOUR plan is up to date for your current circumstances.
Second, have you updated your financial and medical powers of attorney within the last few years? Georgia law in these areas changes often, so we encourage you to make sure these plans are current, and reflect not only your wishes, but include your desired decision-makers. Many clients wait too long to update their powers of attorney. The impact of delay on clients and their families is enormous. If your documents are not current or do not contain the appropriate designation of powers, a court will become involved in your personal and family decision-making.
Finally, take a few minutes to review our “Estate Planning Audit.” This is a simple listing of estate planning components that you may need to implement or update. Are these statements true or false for you?
I have a foundational estate plan including: Last Will and Testament, Financial Power of Attorney, and Advance Healthcare Directive. These documents were signed and/or professionally reviewed within the last two years.
I have created my own private court through a living trust. My family will not need to go through the probate court to handle my affairs after my death. I have simplified matters for my family.
My estate plan is current and regularly updated. My plan protects my loved ones; I have taken steps to preserve family harmony and simplify legal matters such as avoiding probate through trust planning.
My children and grandchildren (minors or adults) are protected. My minor children have guardians to care for them, and trustees to protect their inheritance.
I have protected my assets from the government, such as my home, through proper trust planning. My plan also minimizes or eliminates estate taxes. My estate plan reflects my life’s story, personal values and priorities.
If any of your answers are “false,” or if you’re unsure and want further guidance about your unique circumstances, you may need legal counsel.
— Laura French, The Mom Lawyer®, is also the founder and owner of French Law Group, LLC.
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