The Fall months are a great time to review your Last Will and Testament, Revocable Trust, and other estate planning documents. An annual review gives you peace of mind that your goals, wishes, bequests, executors, trustees, and guardians are all in place.
Let’s discuss the 4 most important parts of your estate plan to review:
Last Will and Testament and Trusts
We recommend review your Last Will and Testament and Trusts at least once a year. Consistently checking to make sure that these documents are up to date is imperative. Each year the Estate Tax Exemption Amount can change and have major tax implications on some estates.
Powers of Attorney
Take a good look at the agents you have named in your Financial and Medical Powers of Attorney. Are they still the agents you want to assist you in those decisions and actions?
Directive to Physicians
Do you have your Directive to Physicians in place? Does it still reflect your wishes? Also known as a ‘living will,’ your directive to physicians sets out your choices when it comes to healthcare and end-of-life-related instructions.
Where you Keep your Documents
Have you shared the location of your estate planning documents with the individuals that will be carrying out your wishes and directions? Your estate planning documents should be placed somewhere that is both safe and easily accessible by those you have chosen to handle your affairs (e.g., executor, trustee, and agents under financial and medical powers of attorney).
Learn more with our article, "Where Should I Keep My Will?"
We offer a free conversation about estate planning options and strategies to help achieve your goals. We also offer a free review of your current Last Will and Testament, Revocable Trust, and other important estate planning documents to give you peace of mind that your estate plan is valid and that it’s still the plan that is BEST for you and your family. Let us help you get your ‘Adult Homework’ completed and up to date so that your documents meet your expectations and the current laws.
Would you like to speak with an Estate Planning Attorney at our Dallas Office?
Call today at 214-559-7202 or fill out a contact form online.