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When was the Last Time Your Estate Plan got a Check-Up?


When Was the Last Time Your Estate Plan Got a Check-Up?

There are a handful of big red flags that indicate that your estate plan is either out-of-date or in dire need of review, according to the Wilmington (NC) Insights’ recent article, “Signs Your Estate Plan Needs a Lift.” If any of these ring a bell, you’ll want to make an appointment to meet with your estate planning attorney—and soon!

Unsigned documents. These aren’t enforceable until they’ve been properly executed. Poor planning and out-of-date documents may be worse than no plan at all, so be certain that all of your estate planning documents are up-to-date and have been fully executed. The executed documents should then be placed in a lock-box or given to a trusted advisor.

Untitled or incorrectly titled assets. If you are using a trust, you have to follow through with your plan by titling assets in the name of the trust. If you fail to do so, assets outside of the trust will be disposed of by your will or, in the case of life insurance, to the named beneficiary.

Putting family members in charge. Naming family members as power holders can create problems. Naming family members as your personal representative (executor) or trustee needlessly puts them in the line of fire. Allowing a third party to take the heat in carrying out your wishes, may not be popular with some family members.

Leaving assets outright to beneficiaries. This inheritance you wanted to pass to your heirs can be unprotected from creditors, divorcing spouses, and lawsuits. This is critical if you have an heir who has physical or other disabilities. He or she should have a Special Needs Trust.

Beneficiary designations. These need to be up to date. Review your beneficiary designations for life insurance policies, 401(k) plan, 403(b) accounts, annuities and IRAs. Changes in the lives of your family such as deaths, marriages, births, divorces, and the like could have a big impact on your estate plan.

Lack of medical care/end of life planning documents. If your estate plan does not include a Health Care Power of Attorney, Living Will, or HIPPA forms, both you and your family may be in for a terrible experience. These documents will permit designated people to make decisions for your care, in the event that you are incapacitated. Not having them in place, makes a difficult situation even harder for those you love.

Do you live in Miami-Dade, Broward, or Palm Beach counties in Florida? Laws are constantly changing-- has your estate plan been reviewed in the last 2-3 years? Call me (954-888-1747) right away for peace of mind. I can help!

  • My practice is exclusively estate planning and probate,
  • I have prepared numerous estate plans in 16 years of practice,
  • I have administered estates and trusts through Probate all over Florida,
  • I am a Certified Financial Planner Professional™, and
  • I am here for YOU today and there for your FAMILY tomorrow.

Reference: Wilmington (NC) Insights (November 29, 2016) “Signs Your Estate Plan Needs a Lift”

Why would we recommend D.T.F.? Several Reasons: Your ability to explain complex estate problems, clearly and patiently; your total lack of arrogance and pretense; a strong feeling that you are motivated by what you perceive is best for your client, rather than what would generate the largest legal fees; finally, and importantly, you are a lovely guy. A.C.

Two words cannot sum up the entire process of creating my “trust.” I enjoyed your attention to detail, your patience of explaining terms and conditions until I understood, also giving me copies to read and understand. Thank you for your suggestions on what was best for “me” but still allowing me to make my choice. Most of all, thank you for thinking of “me.” Wells Fargo said “you were the best” I cannot deny that. Again thank you very much for everything. Anna is an asset or a compliment to the firm. She is warm and very caring. It was great doing business. Thank you.