Is Your Estate Plan Good Enough? Five Questions To Ask

Estate planning matters. It can also sometimes feel impenetrable. You may be wondering if the current estate plan that you have in place is truly good enough. At Fisher Law LLC, we provide solutions-based estate planning services. Here, our Boston estate planning lawyer highlights the five key questions that you need to ask yourself if you want to know if your estate plan is sufficient.

Question #1: Do You Have Formal Estate Planning Documents in Place? 

The majority of Americans surveyed do not have a formal estate plan in place (AARP). If you do not have one, it is time to set one up. Establishing a comprehensive estate plan requires formal legal documents—such as a will, trust, and powers of attorney (POA). Without these documents, state laws determine how your assets are distributed and how your health care needs will be handled in the event of incapacity. 

Question #2: Have You Appointed Trusted Decision-Makers? 

Choosing reliable individuals to act as executors, trustees, or powers of attorney is vital, as these roles carry significant responsibilities in managing and executing your estate. You should consider not only the trustworthiness but also the financial acumen and emotional resilience of your chosen representatives. Proactive communication with your trusted loved ones is a must. 

Question #3: Are All of Your Assets Included in the Plan? 

You do not want to leave important assets outside of the coverage of your estate plan. Indeed, a common oversight in estate planning is failing to include all assets—from real estate to personal property to investments to digital accounts. Make sure that all assets are properly accounted for as part of your estate plan.

Question #4: Are Your Health Care Needs (Cost, Decisions, etc) Accounted for? 

Planning for future health care needs involves legal documents like health care proxies and living wills, which ensure your medical wishes are respected. By addressing the potential for long-term care costs—including possible future nursing home care needs—you will put yourself in the best position to protect your family. Health care planning—especially long-term care costs—are too often overlooked as part of the estate planning process. 

Question #5: How Often Do You Review Your Estate Plan?

Life events such as marriage, divorce, the birth of a child, or the death of a family member necessitate a review of your estate plan to ensure it remains relevant. A top-tier Boston, MA estate planning lawyer can review your plan and help you make any necessary changes to ensure that it properly protects your rights and reflects your current wishes.

Get Help From a Boston Estate Planning Attorney Today

At Fisher Law LLC, our Massachusetts estate planning lawyers are committed to helping people and families ensure that their best interests are protected. Reach out to us via phone or connect with us online for a completely private case review. With an office in Norwood, we provide estate planning services in Boston and all across the wider region in Massachusetts.

Source:

aarp.org/money/investing/info-2017/half-of-adults-do-not-have-wills.html