How can I Tell if My Estate Plan is Complete?

Estate planning is beneficial.

Whether you are wealthy or live modestly, estate planning is important.

It involves far more than leaving your things to others.

Be sure you create a "comprehensive" estate plan, as appropriate for your unique needs.

According to a recent Investopedia article titled “How to Get Your Estate Plan on Track,” three objectives should be addressed in your estate planning.

What are they?

Be sure your health care decisions for end-of-life care are legally binding.

Be sure your assets are set to be distributed according to your wishes.

Be sure your plan simplifies the probate process.

How do you accomplish these?

Address your health care.

How?

You can provide directions for end-of-life care through a health care treatment directive.

At the same time, create a durable power of attorney for health care decisions to designate a trusted individual to make medical decisions on your behalf should you be unable to do so yourself.

After addressing your health care matters, turn to your finances.

Designate someone to manage your money and make financial decisions and transactions on your behalf with a general durable power of attorney.

Create a last will and testament to a personal representative to distribute your assets and nominate guardians for any minor children.

He or she may also recommend a “pour over will” with a “revocable living trust” if appropriate for your circumstances.

To simplify probate, be sure your assets are titled properly and beneficiaries have been named to appropriate accounts.

If you have complex situations such as a family business, a child with special needs, or a blended family, you may require additional planning.

Remember to review your estate plan regularly and update as needed.

Laws and family situations may change requiring your plan to follow suit.

Work with an experienced estate planning attorney from your state to ensure your "comprehensive" estate plan conforms to the laws of your specific state.

Reference: Investopedia (October 17, 2018) “How to Get Your Estate Plan on Track”