Estate Plan Check List
SHOULD YOU CONSIDER UPDATING YOUR CURRENT ESTATE PLAN?
- Are you or is your spouse over age 60?
Points: 1 if Yes; 0 if No.
_____ - Are you currently married or in a marriage like relationship?
Points: 1 if Yes; 0 if No.
_____ - Are you or your spouse in danger of needing assistance with activities of daily living?
Points: 3 if Yes; 0 if No.
_____ - Do you have children from a prior relationship?
Points: 2 if Yes; 0 if No.
_____ - Are any of your dependents physically or mentally disabled?
Points: 2 if Yes; 0 if No.
_____ - Is your estate valued at between $50,000 and $1,500,000?
Points: 1 if Yes; 0 if No.
_____ - Do you have a Will or Trust that is less than 5 years old?
Points: 0 if Yes; 1 if No.
_____ - Do the prospects of paying for nursing home costs worry you?
Points: 2 if Yes; 0 if No.
_____ - Do you have a long term care insurance policy that will pay for at least five years and has inflation protection?
Points: -1 if Yes; 3 if No.
_____ - Is it important that your assets are protected from long term care costs so they may be inherited by your family?
Points: 1 if Yes; 0 if No.
_____ - Are you confident that your named fiduciaries will know how to provide for your long term care needs without assistance and guidance in keeping with your wishes?
Points: 0 if Yes; 1 if No.
_____ - Would you like your named fiduciaries to have assistance and guidance in fulfilling their role and understanding the long term care options you have before acting?
Points: 1 if Yes; 0 if No.
_____
Total Points Scored:_____
If you scored:
1-5 Optional. The updates will allow you to break the ice with your children and help start a dialogue about incapacity and quality of life issues and provide for your fiduciaries not to have to carry the heavy cross of caring for a loved one alone.
6-10 Advisable that you update your plan. There is more than just good to have an updated plan
11-14 Strongly encouraged that you update your plan
15+ Must update your plan (or create one if you don’t already have one)