Estate Planning Readiness Quiz

First, let’s start by looking at what you might already have. Do you have the following legal documents:

Let’s take a look at your Assets. Depending on the type and value of your assets, you may need to be concerned about protecting them from long-term care costs and/or preserving them for your beneficiaries. Protecting assets from excessive taxation, potential liens, scams, and creditors, as well as, minimizing the probate process are typical goals. Assets include real estate, bank accounts, vehicles, stocks, bonds, life insurance, retirement and investment accounts, as well as business interests.

Where Do You Want The Assets To Go?

A primary goal for most estate plans is to make sure that your assets are distributed according to your wishes. In crafting an estate plan, it is important to ensure that your beneficiaries receive all you want them to have, undiminished by probate costs.

When choosing someone to inherit your assets, you may want to make sure that your family and loved ones are taken care of after you pass. If you want to choose family members as your beneficiaries, check all who apply:

Or, you may not have a family member that you are close with or you may have an organization that you are passionate about. If you want to choose a charitable organization, check all that apply:

The age and circumstances of your beneficiaries is another aspect of planning you need to take into account.

Who Do You Trust As Your Personal Representative?

Naming your personal representative (also known as executor) is a crucial decision since you are depending on this person to make sure your wishes are carried out. You should choose someone well-organized and efficient, as well as completely trustworthy, for this role.

You may want to choose someone with who you have close family ties to ensure your wishes are carried out after you pass. If you want a personal representative who is a close family member, check one of the following options:

Who Do You Trust As A Guardian For Minor Children?

There is no decision more critical than this one, though hopefully, it will never have to be put into effect. Many factors must be considered, including the prospective guardian’s age, physical health, mental and financial stability, shared views of child-rearing, deep affection for your children, and willingness to assume this major responsibility.

You may want to consider a close family member to take care of your children or a friend who is responsible and has a personal relationship with your children. If you have minor children and a responsible family member or loved one you trust as their guardian, check one of the following options:

Who Do You Trust As Your Healthcare Proxy?

There is always a risk that you will be incapacitated by an injury or medical event to the point that you cannot speak for yourself. Choose a healthcare proxy who not only knows your mindset about health matters but who is willing to follow your directives and advocate on your behalf.

A close family member may know your wishes when it comes to health-related matters, should you ever become incapacitated. If you would like a trustworthy family member to be your healthcare proxy, check one of the following options:

You may want to choose a trusted friend or professional representative to handle any healthcare decisions or advocate on your behalf. If you would like to choose a friend or professional representative, check one of the following options:

Who Do You Trust With Financial & Legal Decisions?

If you become incapacitated and incapable of making legal or financial decisions, the individual to whom you have given durable power of attorney will have to take over. Make sure that the person you choose is ethical, will look out for your best interests, and is savvy in financial matters and/or willing to accept expert counsel.

You may want to consider a trustworthy and responsible family member to look after your legal and financial interests. If you trust a family member to take care of your legal and financial decisions, check one of the following options:

You may have a trusted friend who is savvy with legal and financial matters, or you may want a professional who will give their objective opinion when making decisions. If you want a friend or professional to be your durable power of attorney, check one of the following options:

Do You Have Something in Place for HIPAA?

Because none of us knows the future, filling out a HIPAA form is a necessary part of preparing for unexpected events. HIPAA forms are designed to protect your private medical records. By delegating the right to access your medical information, you allow someone to work with your insurance company, speak with specialists, pharmacists, etc. Have you completed a HIPPA Release Form?

Have you considered your healthcare wishes?

There may be a point in time in which you cannot make or communicate your healthcare wishes. An Advance Directive is written instructions for your future medical care should you become incapacitated. This document provides guidance to your loved ones and healthcare professionals about medical care and treatments, as well as, end of life wishes.