Did you know…? If you don’t have a valid will or trust, then Ohio laws will determine how your assets pass, to whom they pass, and when they pass. This could lead to unnecessary estate and income taxes, your estate being consumed by creditors, your estate being tied up in probate court (possibly for years), and other undesired results, and is perhaps the most costly and emotionally draining way to pass assets to your loved ones. Here is a brief check-up on the status of your plan.
Circle One
Do you have a Will or a Trust in place?……………………………………………………. Yes No Don’t Know
Even if you circled “Yes” above, Congress, state legislatures, and the courts are constantly changing the rule book. In fact, there have been several major estate and income tax law changes in recent years. Depending on your circumstances, an out-of-date estate plan might be missing valuable planning opportunities and could cost your family dearly in extra taxes and administration costs.
Has your Will or Trust been professionally reviewed in the
last two years?……………………………………………………………………………………. Yes No Don’t Know
Does your current Health Care Power of Attorney permit the
person of your choosing (spouse, child, family) to make
emergency health care decisions for you in the event you are
unable to do so?………………………………………………………………………………….. Yes No Don’t Know
Does your estate plan contain a customized plan to determine
if you are mentally disabled?…………………………………………………………………. Yes No Don’t Know
Does your current estate plan give instructions for your care
and the care of your loved ones in the event of disability?……………………………. Yes No Don’t Know
If you have a Revocable Living Trust in place as part of your
estate plan, is your trust fully funded so that your family can
avoid the delays and expenses of probate?……………………………………………….. Yes No Don’t Know
Have you recently checked the beneficiary designations of
your retirement plans and life insurance policies, and are you
confident that you have not listed your estate or any minor
children as either primary or secondary beneficiaries?………………………………… Yes No Don’t Know
Does your current estate plan provide creditor and lawsuit
protection for assets passed to your surviving spouse?………………………………… Yes No Don’t Know
Does your current estate plan provide creditor and lawsuit
protection for assets passed to your children?……………………………………………. Yes No Don’t Know
Does your current plan protect your children’s inheritance
from a divorcing spouse?……………………………………………………………………… Yes No Don’t Know
Are you satisfied with the persons you named as guardians
of your minor children in your current plan?…………………………………………….. Yes No Don’t Know
Are you satisfied with the persons selected as executor
and trustee in your current estate plan?……………………………………………………. Yes No Don’t Know
Are you confident that your executor, power of attorney,
and successor trustee are prepared to act on your behalf
when asked to?…………………………………………………………………………………… Yes No Don’t Know
Did you circle No or Don’t Know anywhere on this check-up?
If you did – please complete the bottom of this form and send it to us by email, fax, or mail. We will contact you to schedule your complimentary consultation.
Yes! I’d like to receive a complimentary consultation with McCarthy Law Office to discuss my estate planning needs.
Your Name: Date:
Email Address: Phone: