Aging Options

Should You Update Your Estate Plan ?

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Estate Plan Check List

SHOULD YOU CONSIDER UPDATING YOUR CURRENT ESTATE PLAN?

  1. Are you or is your spouse over age 60?
    Points: 1 if Yes; 0 if No.
    _____
  2. Are you currently married or in a marriage like relationship?
    Points: 1 if Yes; 0 if No.
    _____
  3. Are you or your spouse in danger of needing assistance with activities of daily living?
    Points: 3 if Yes; 0 if No.
    _____
  4. Do you have children from a prior relationship?
    Points: 2 if Yes; 0 if No.
    _____
  5. Are any of your dependents physically or mentally disabled?
    Points: 2 if Yes; 0 if No.
    _____
  6. Is your estate valued at between $50,000 and $1,500,000?
    Points: 1 if Yes; 0 if No.
    _____
  7. Do you have a Will or Trust that is less than 5 years old?
    Points: 0 if Yes; 1 if No.
    _____
  8. Do the prospects of paying for nursing home costs worry you?
    Points: 2 if Yes; 0 if No.
    _____
  9. Do you have a long term care insurance policy that will pay for at least five years and has inflation protection?
    Points: -1 if Yes; 3 if No.
    _____
  10. Is it important that your assets are protected from long term care costs so they may be inherited by your family?
    Points: 1 if Yes; 0 if No.
    _____
  11. Are you confident that your named fiduciaries will know how to provide for your long term care needs without assistance and guidance in keeping with your wishes?
    Points: 0 if Yes; 1 if No.
    _____
  12. Would you like your named fiduciaries to have assistance and guidance in fulfilling their role and understanding the long term care options you have before acting?
    Points: 1 if Yes; 0 if No.
    _____

Total Points Scored:_____

If you scored:

1-5 Optional. The updates will allow you to break the ice with your children and help start a dialogue about incapacity and quality of life issues and provide for your fiduciaries not to have to carry the heavy cross of caring for a loved one alone.

6-10 Advisable that you update your plan. There is more than just good to have an updated plan

11-14 Strongly encouraged that you update your plan

15+ Must update your plan (or create one if you don’t already have one)

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