CLEANING HOUSE: Getting Your Financial Affairs in Order

Do You Know Where
Your Documents Are?

• You should have your portfolio (copies of documents) available for easy access for use in administering the trust.
• The originals should be in a very safe place, such as a safe deposit box. Has the name on the safe deposit box been changed to the name of your trust? Or, are there two signatories for the box?.

Have You Funded Your Living Trust?

• If you have not completed the transfer of title to all your assets, please be reminded of the importance of that task. Please carefully review the cover letter that accompanied your documents at signing for your attorney’s recommendations.

Is an update in order? Have there
been changes in your financial
or personal situation?

• Have there been substantial changes in the types of assets you own since you signed your estate planning documents? Have you acquired or sold property?
• Have you retired?
• Have there been changes in your or your spouse’s health condition? Do your documents contain Medicaid Triggers?
• Do you have a current medical directive? Is your power of attorney current?
• If you have minor children, does your current Will name Guardians?
• Has there been a change in your family situation? Have your children had children? Have they gotten married, divorced or died since you had your planning done?
• Are the people you named to take care of your affairs current?
  

by Laurie Cheu