Issue 17.10
There will be nothing more important to your family than your estate plan when you pass away or become unable to manage your own affairs. Make sure your family is prepared by reviewing the items below.
• Account Registration
Have you registered your accounts with the correct persons on the accounts, or as the “pay-on-death” beneficiary? If you have created a trust, have you registered your accounts in the name of the trust?
• Beneficiary Designations
Are your life insurance, retirement accounts, or other accounts showing the correct beneficiaries? Are these beneficiary designations consistent with your overall estate plan? Do they work correctly with your trust if you have one in place?
• Utah Advance Health Care Directive (Living Will)
Have you named the person you want making health care decisions for you when you can’t? Is it clear what your family is to do regarding the administration of life-prolonging procedures? This document conveys your wishes when you are no longer able to communicate them.
• Durable Power of Attorney
Have you named someone to make financial decisions on your behalf should you become incapacitated? Your Durable Power of Attorney makes it clear who you trust to manage your financial affairs if you are ever unable to do so. This document is even more critical to those who do not have a trust.
• Will
Do you have a current will? At a minimum, you should have a well prepared will that makes it clear what you intend to be done with your property when you pass away.
• Trust
You might consider a trust if you are concerned about estate taxes, avoiding probate, leaving assets to children, protecting assets during incapacitation or eventually needing assistance with money management and paying bills. A trust is a tool that effectively manages all these issues.
If you can’t check off any of the items above, you should contact me to make sure you address those unfinished matters. Call me at your convenience at (435) 673-9220 to set a time when we can visit about your questions.