If you dont have an estate plan, the state legislature of Iowa and the Iowa courts have one for you. Its a one-size fits all (i.e., one-size fits none) estate plan that will determine important matters such as who raises your minor children, who makes health care decisions on your behalf, and who inherits your assets when you die.
Its easy to improve on a plan in which you have no control, no choice. But, did you know that even if you have your own estate plan, it can, likely, be instantly improved?
Here are 7 Instant Improvements for Your Estate Plan
- If you dont have your own written plan, get one.
- Ask your trusted helpers (i.e., executor, trustee, power of attorney agent, and guardian) if they are willing and able to serve.
- Let your trusted helpers and other loved ones know where you keep your estate planning documents and other estate plan.
- Provide contact information so trusted helpers can reach your estate planning attorney, financial advisor, CPA, clergy person, and any friends you want to be notified if you become disabled or die.
- Update your estate plan every three to five years and sooner if you have a significant life change.
- Make sure that you own your assets properly and in accordance with your current estate planning goals. Ask your estate planning attorney how you should own your assets.
- Check your beneficiary designations to make sure they match your current intent and your overall estate plan.