Preparing to Review your Estate Plan

By Attorney Cristol Wagner

When thinking about the estate plan you set up five, 10 or 20 years ago, you might be overwhelmed with how much has changed in your life and how much your documents may need to be updated. When coming in to review your estate plan, whether you are already a client of ours or you are coming in to meet with us for the first time, there are some things that you can do ahead of time to prepare.

First, find your documents. We ask that you bring in any originals that you have for our review for two reasons. The first reason is that it confirms that you know where your documents are. If you have lost or misplaced your originals, we will need to discuss options for re-executing or updating them. The second reason is so that the attorney reviewing your plan can confirm they have the most up to date documents in front of them and walk you through what your plan currently says.

Second, you should think about who you want to be your decision makers. This is who steps in if you become incapacitated and/or when you pass away. There are multiple roles to fill: trustee, executor/personal representative, power of attorney for finances and power of attorney for health care. Sometimes they are all the same person, sometimes they are not. Third, think about who you want your beneficiaries to be. This is who will inherit from you. Maybe your beneficiaries are young, or disabled, or you have other concerns. These are things to think about and discuss with your estate planning attorney in your review. In the review meeting, your attorney will review your current beneficiaries and how they are set to receive their inheritance. That may be outright, or in Trust for them until a certain age for example. Maybe you set up your Trust when your children were young and they were not mature enough to manage their own inheritances but now they are successful adults. Circumstances change, and your estate plan should be updated to reflect that. We know that reviewing your estate plan can be overwhelming. When you come in for a review, we take the time to walk you through your documents and make sure you understand exactly what your plan means. If you have questions about your existing estate plan, please reach out to us at Sinclair Prosser Gasior.

Learn more at spgasior.com.