Estate Planning CheckUP
Download Estate Planning Deficiencies Guide mentioned in the video above: https://6ouroqic.pages.infusionsoft.net
- Is your estate plan current?
Today we're going to talk about three questions you should ask yourself to determine if your estate plan is current and is sufficient to accomplish your goals of providing for your care during your incapacity and protecting your loved ones and passing your assets to whom you want, when you want, and in the way that you want.
Now, I'm only gonna talk about the three main questions you should ask yourself, but to help you even more, I also have an estate planning deficiency check-up guide that is absolutely free for you to download. I'll leave the link for you to download in the description below and in the comment section as well, with my other tips on how you can really evaluate your estate plan and make sure that it's current. So definitely download this guide. It is really going to help you out, and again, I'll leave the link in the description box below and in the comment section as well for you to download.
So the first question you should ask yourself is do you even have an estate plan at all? Do you have a will? Do you have a trust? Do you have anything? You might be surprised to learn that 70% of people in the United States have no estate plan whatsoever. Along with a well-written will or trust, you should also have a durable power of attorney, a healthcare power of attorney, an advanced directive, and a HIPAA authorization. I've talked about all of these individual documents in separate videos on our YouTube channel, and I'll put links to them in the description section below.
If you do have an estate plan in place, then the next question you should ask yourself is our number two, and that is has your estate plan been reviewed in the last two to three years. After I do an estate plan for somebody, I want to meet with them at least every two years, but if they can, I really want to meet with them on an annual basis. Now, I don't charge for these annual meetings because I feel that it's extremely important to at least meet with my clients on an annual basis to see if anything has changed in their lives. For example, has somebody gotten married? Do they have a new baby? Is there a new grandchild in the family? If there has been a major life change, then it might need to be addressed in your estate plan.
The third thing you should check is to see if all of your beneficiary designations for your retirement plans and life insurance policies are up to date. You'd be surprised at how many people have never checked who their beneficiaries are since they started their jobs. I can't stress how important this is. If you've been at your current job for many years, then there's a good possibility that you have not even looked at your beneficiary designations since you started that job. So check your beneficiary designations on retirement plans and life insurance policies, and make sure that they are up to date.
Well, that's all for today. If you've not been able to make it to one of our live estate planning seminars, and you still have questions, then please sign up below for our free estate planning webinars where you can watch from the comfort of your own home. Well, today, I'm not sure if I made it under two minutes, but if you enjoyed this video, then please like it below and please hit the subscribe button. Or click on my face, which should be appearing about right here so you'll get our new videos every Tuesday. We really appreciate you watching, and we'll see you next time. Thanks again.