Friday, February 24, 2012

4 Ways to Know Your Estate Plan Needs Review

4 Ways To Know Your Estate Plan is Out of Date and Requires Attention:

Many clients ask, "How can I tell if my estate plan is current?" Here are four things to check. If ANY of these apply, then your plan is seriously out of date and requires some immediate attention.

1. You don't have an estate plan.

This one is obvious and requires no further comment.

2. Your estate plan is more than two years old.

Since the laws change so frequently, and client's situations change, reviewing the plan every two years or so is crucial to ensuring that the plan stays in sync with your goals and objectives.

3. Your plan does not include Durable Powers of Attorney.

Since it is possible to become incapacitated without dying, having Durable Powers of Attorney is the way to protect yourself.

4. Your plan and Powers of Attorney does not address HIPAA.

Making sure your plan appoints a HIPAA Personal Representative, especially in the Durable Powers of Attorney will ensure that your designated agents can speak with your doctors and other medical personnel if you are incapacitated.

There you have them: the four ways to know that your estate plan is out of date and needs a review. Let me know if you have questions or comments and feel free to join our conversations about estate planning.

Bernie Greenberg

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