Think you estate plan is airtight? You might be right. Then again, a few overlooked details could cause headaches down the line, possibly even for generations. Take this quick quiz to gauge your preparedness and uncover hidden gaps.
1. Do you have a will?
- A. Yes, and it’s been updated in the last 3 years.
- B. Yes, but it’s older than my last car.
- C. No, but I’ve thought about it.
Why it matters: A will isn’t a one-and-done document. Life evolves. So should your estate plan. Outdated wills can be just as risky as having none at all.
2. Have you appointed a power of attorney and health care proxy?
- A. Yes, both – clearly documented.
- B. I have one but not the other.
- C. Wait, what’s a proxy?
The impact: If something happens and you’re incapacitated, who steps in? If you answer is “I’m not sure,” you’re not alone-but that uncertainty can lead to court delays, family disputes, and unnecessary stress.
3. Do your loved ones know where to find your documents?
- A. Absolutely. Everything is organized and accessible.
- B. Some of it, maybe.
- C. It’s… somewhere.
Your estate plan isn’t helpful if no one can find it. Think digital vaults, organized binders, or a secure, clearly labeled folder.
4. Have you discussed your wishes with your family?
- A. Yes, openly and recently.
- B. Kind of. We’ve danced around it.
- C. No. That sounds uncomfortable
Conversations today prevent confusion tomorrow. Transparency now fosters peace later.
5. Are your beneficiary designations up to date?
- A. Yep! Checked and confirmed.
- B. I think so. It’s been awhile, though.
- C. Didn’t know that was a thing…
Even with a flawless will, outdated beneficiary forms on retirement accounts or life insurance policies can override your intentions.
Score Yourself
- Mostly A’s: Gold Star. Your estate plan is likely in great shape. However, keep reviewing it every few years or after major life changes.
- Mostly B’s: You’re on the right track but need a tune-up. A little attention now can prevent potential complications down the road.
- Mostly C’s: Don’t worry. Many people are in the same boat, but it’s time to move estate planning to the top of your to-do list.
