Time to Dust Off, Update Estate Planning Documents

January 21, 2008

January 21, 2008

(Source: Florida Today) - writes: " Now that the

holiday season is behind us, the new year is the perfect time to get

out those dust-covered estate and incapacity planning documents and

make sure they are up to date. "

The first task should be to make sure you have a complete package of

a last will and testament (and, if needed, a revocable living trust),

a durable power of attorney, a designation of health care surrogate,

a living will and a pre-need guardian declaration.

Next, check to see if any of the documents are more than five years

old. As a rule of thumb, documents that are more than five years old

should be reviewed by an attorney to see whether any significant law

changes have occurred that affect the document.

Third, make sure none of the documents has been affected by a major

life event in your family, such as marriages, births, deaths,

divorces, relocations, medical needs, convictions, etc. If they have

been affected and the documents do not represent your current wishes,

it may be necessary to have them updated.

Fourth: update (or create) a listing of your assets. Be sure to

include life insurance, health insurance, disability insurance,

homeowners insurance, etc.

Fifth, get ready for tax time.

(PS - I have a blank 'Document Locator' sheet -- if anyone's

interested, send me a personal email. )

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