Have You Had A Checkup?

(Estate planning, that is!)

An important part of estate and retirement planning is to conduct a biannual, if not annual, "checkup."

A complete estate plan has a number of key components:

Last Will and Testament
Does your will currently reflect your planning desires, family conditions, and circumstances? If your will was valid in the state it was executed, it is still valid even if you have moved to a new state, but if other factors have changed, you need a "checkup." A common saying among trust attorneys is, "Where there's a will, there's a probate." The misconception that wills avoid probate is simply not true. For many seniors, a will should only be a backup and your primary estate plan handled through a revocable trust.

Revocable Trust
While not everyone needs one, most could benefit from a revocable trust. This document holds title to your property while you are living, and you retain control as trustee. At your death, the property passes to beneficiaries without probate pursuant to the trust. This is only one of many advantages of a trust. If your estate plan does not include a revocable trust, you need a "checkup."

Durable Power of Attorney-Financial
Everyone should consider a durable power of attorney which takes effect if you can no longer handle your affairs through illness, sickness, or incompetence. Without a durable power of attorney, family or friends may have to go to court, sometimes requiring adversarial litigation, just to try to help you. This must be avoided. If you do not have a durable power of attorney to help with financial matters, you need a "checkup."

Durable Power of Attorney-Health and Personal Care
While many attorneys combine both types of durable powers of attorney, individuals often appoint a different person to help with personal matters such as the type of health care, medical attention, or personal care you receive. Have you appointed someone to help you with these vital matters if you can no longer make or need help in making these decisions? If not, you need a "checkup."

Living Will
Often confused with a living trust, a living will simply states that if you have an incurable injury, illness, or disease certified as terminal and applying life-sustaining procedures only prolongs your death, you do not want to be kept alive at great cost and expense. While there are many factors to prayerfully consider, if you have not executed a living will, you need a "checkup."

If it is time for your estate planning "checkup," call the Assemblies of God Foundation at 800-253-5544 and ask for a regional consultant to meet with you. Regional consultants are trained experts in estate planning and planned giving who will assist you with your planning at no cost or obligation and provide you tax-saving opportunities that can provide for yourself, your family, and ministries you desire to support.

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