ESTATE PLANNING: 10 THINGS TO DO THIS MONTH

By: James M. Simasko, Attorney at Law.  Macomb County, Michigan.

Most people spend more time each year planning a vacation than they do creating or reviewing their Estate Plan. Life is constantly changing and at the minimum, you should take the following steps on a periodic basis.

1.  Create a Will and Trust.  Review these documents after life changing events, i.e. marriage, divorce, a death or birth, a new job, nursing home or long term care admission, etc.
2. Make sure your estate administrator or a close loved one has copies of or access to these documents when they are needed.
3. Have these documents reviewed by an expert to assure you that the constantly changing laws and tax codes will not adversely impact your estate plan.
4. Review your investments and the beneficiary designations on your investments to assure the beneficiaries are listed properly.
5. Change your estate administrator if needed. The person you designated may not want the responsibility, may have relocated or may be unable to perform these duties.
6. Make sure your assets are properly inventoried and titled, also inventory your liabilities and debts.  Make sure your plan administrator has a copy or access to these documents.
7. Make sure your estate plan has the appropriate Power of Attorneys and Patient Advocates in the event that they are needed.
8. Be careful when choosing individuals to manage your estate, choose the most qualified and trustworthy individual, not the most popular.
9. Ask your loves one to assure that their estate plan is in effect and up to date. Make sure they are as prepared as you are for when the time comes, whether it be illness or death.
10. Call Simasko Law Offices for an appointment to discuss your estate plan.