Below is a checklist that you can review to
determine if an update to an existing estate plan would be helpful and, if you
don’t already have a plan in place, what reasons you should consider regarding
getting one in place. Print it out, ask yourself the questions, and reach out to Keo'vonne Wilson Legal, PLLC for practical solutions and a plan that works for you.
EMERGENCIES
1.
Do you have basic
legal emergency documents that define who would care for you or make decisions
in the event of an emergency, such as a car accident?
Yes No
-
99% of the time spouses choose each other. Some
people would choose a sibling and some would choose their best friend. Wouldn’t
you prefer to make your own choices rather that have the state government
decide? Wouldn’t you want to guarantee that whoever is making those decisions,
has access to all the necessary info to make the right decisions? Basic legal
emergency documents ensure that the right people make the right decisions in an
emergency.
CHILDREN
2.
Do you have
basic legal emergency documents that appoint who would care for your children
in the event of an emergency?
Yes No
-
Think about the members of your family and your
friends. There’s always someone who stands out as responsible or nurturing and
wouldn’t you want to appoint that person as the guardian? Wouldn’t you want to
avoid a battle between family members for custody and the wrong person winning
that battle? Wouldn’t you want to avoid wasting money on that battle that
should be available to support the kids?
CURRENT
3.
Has your estate
plan been updated in the last three years?
Yes No
-
Laws change. Friendships ebb and flow. Family
members move away or pass away. An estate plan is only as valuable as it is
current and applicable. Your estate plan is stale if the child whose birth
motivated you to do the original estate plan has recently had a baby of his or
her own.
HOME
4.
Purchase or
sale of a home or major piece of property.
Yes No
-
A major asset like a home should be a central part
of an estate plan… but is it after the purchase or sale?
BUSINESS
5.
Own a family
business or professional practice.
Yes No
-
Who gets the business after you pass away? Will the
principals in the business be able to continue the business? Will your family
members who are dependent on the income from the business be taken care of?
DEATH
6.
Has a family
member recently passed away?
Yes No
-
Were you forced to make difficult end of life decisions
without any guidance from the deceased? Are you dealing with the complicated
probate process? Do you want to ensure that your children will be able to avoid
these problems?
DIVORCE
7.
Are you
divorced?
Yes No
-
Would you want your ex-spouse making medical or
financial decisions on your behalf in an emergency? If not, make sure your
estate plan is updated to appoint someone other than your ex-spouse. Would you
want your parents making medical or financial decisions on your behalf in an
emergency? If not, make sure you have basic legal emergency documents
appointing someone as your agent.
BLENDED FAMILIES
8.
Do you have
children from a previous marriage and are getting or have already gotten
remarried?
Yes No
-
Modern families require modern solutions. How are
you ensuring that your new spouse and your children are accounted for and
provided for in the case of an emergency or at your death?
ASSET PROTECTION
9.
Are you
concerned about asset protection?
Yes No
-
Some jobs are high risk for litigation, like
doctors. Some people are concerned about divorce or bankruptcy. Estate planning
employs asset protection strategies that limit the exposure of your assets to
such problems.
PRIVACY
10.
Do you want
your private information, like what assets you have and who your beneficiaries
are, to become public information?
Yes No
-
Without an estate plan, your estate could be forced
into probate, the very public state process for the payment of creditors and
distribution of assets at death.
______________________________________________________
Please return your
questionnaire to:
Keo’vonne Wilson
First Name:
|
Last Name:
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Phone:
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Email:
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