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Hancey Law Offices

Hancey Law Offices

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ESTATE PLANNING AND UPDATES

Estate Plan UpdateHave you setup an estate plan to protect your assets and ensure that your loved ones are taken care of? If so, is your estate plan current?

While many people have estate plans in place, there are many lifetime events that can create eventual problems if the estate plan is not kept current. For our current clients, we recommend updating their estate annually.

Here are some questions that can help you outline a new estate plan, or decide if changes are in order.

GENERAL ESTATE

o Are you comfortable with your trustee(s), executor(s), guardian(s) and beneficiaries?
o Have you, or your beneficiaries, experienced any life changes such as:
 birth of child (grandchild);
 marriage;
 divorce;
 disability;
 children are no longer minors; and/or
 beneficiaries or trustees who have passed away.
o Have you sold or purchased real property?
o Have you moved?
o Have you changed jobs, recently retired, or are planning on retiring in the near future?
o Are you worried about the distribution of assets from your estate to one or more of your heirs due to concerns such as divorce or behavioral  issues?

Insurance

o Have you reviewed your insurance risks and coverage?
o Have you reviewed your underinsured or uninsured vehicle coverages?
o Do you have an umbrella policy?
o Do you have an underinsured or uninsured rider that extends those coverages up to your umbrella policy?
o Do you make your own repairs to rental property?
o Do you have insurance riders for boats, ATVs, motorcycles, and other recreational vehicle uses?
o Do you have long-term disability insurance? If so, does the policy include an “any occupation” exclusion after a certain time frame?”

Business

o Have you formed a new business or shut down an old business?
o Have you planned for the succession of your business?
o Do you have a buy-sell agreement for your business interests (including family businesses)?
o Does your business insurance include an employee vehicle coverage rider?

FUNDING YOUR ESTATE

Even if your documents are current, it is still important to make sure your assets are properly accounted for and designated. Here are some key points:

o Make sure that all deeds have been recorded.
o Verify that all beneficiary designations have been completed and sent to necessary companies regarding life insurance, 401k’s, IRA’s, etc.
o Have all of your banks have received a Payable on Death (POD) request?
o Have you updated your “Gift by Handwritten Instrument”?
o Do you have a letter of instruction for your next of kin that might, for example, detail your funeral wishes, provide contact information for certain key individuals and guide the next of kin as to where important papers can be found?
o Do you have a current listing of all your usernames/passwords available in case of disability or death?

MEDICAL

In 2008, the Utah State Legislature adopted a uniform Utah Advance Healthcare Directive. Have you filled out a Medical Directive since January 2008?

It is important that this document is included in your medical records. It does little good if it’s tucked away in a safe while you are in the hospital.

If you have instructions regarding your obituary language, funeral, and burial requests, it would be a good idea to write these down and include them in your estate binder, as you can do under Articles of your Will.

RETIREMENT

We also suggest that you review and update your estate plan(s) prior to reaching 70½ years of age if you have an IRA, 401k, or other qualified plan that requires you to begin taking distributions at age 70½ . The beneficiary that you designated will have an irrevocable impact on both you and your beneficiary’s required distributions.

We can Help

We would be happy to help whether you need a new estate plan or to update your current one, or any other legal issue. Feel free to call or stop by our office to setup an appointment.

You can also use the phone call request form located on this site after office hours.

Hancey Law Offices

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