Reviewing Your Estate Plan: 5 Questions to ask in the wake of the Coronavirus (Covid-19)

March 13, 2020

  1. Where are your documents?

Locate your estate planning documents including your Wills, Powers of Attorney, and Healthcare Powers of Attorney/Living Wills. Be sure that you know exactly where your original documents are, and that you can access them in case of an emergency.

  1. Who has access to these documents?

Make sure your loved ones have access to these documents in case of an emergency. Consider giving copies of you Powers of Attorney to the agents named in the document. Also consider giving a copy of your Healthcare Powers of Attorney/Living Wills to your regular physician.

  1. When was the last time your documents were updated?

We recommend a review of your estate plan every five to seven years. Laws on proper form and execution of these documents can change. Be sure that your documents are current with today’s standards.

  1. Do these documents reflect your wishes and current life situation?

We get married, have kids, and our lives are constantly changing. Sometimes we even get divorced.  It is best to revisit your estate plan periodically to be sure that your wishes are fulfilled and your loved ones are properly cared for.

  1. Have you updated your retirement plan and life insurance beneficiaries?

If you’re like most Americans, you have a retirement plan and/or life insurance policy with a beneficiary designation. This designation names who inherits your retirement account if something happens to you. Contact your financial advisor or company HR representative to update your beneficiary designations today. You may also need to consult with your attorney to ensure that your plan and policy beneficiary designation coincide with your estate plan.

If any of this seems confusing or overwhelming, or if you do not have an estate plan in place, please contact Nicolas Sasso at nsasso@smgglaw.com or (412) 281-5423 today for a consultation.