Sweat the Small Stuff, It Really Matters

Sweat the Small Stuff, It Really Matters. Yeah they sold a lot of books with this theory, but the
small stuff is really important. You should sweat it. All us Type A’s love to
sweat them. Here’s a bunch of commonly overlooked things you should worry
about.

■ Be
sure you have copies of current signed beneficiary designations forms. Too
often with bank mergers they disappear into the merger abyss. Read them. If you
want a pre-deceased child’s issue (your grandchildren) to receive that child’s
share the document has to provide for this. Many standard forms just don’t.

■ Be
sure that you’ve changed beneficiary designations on insurance policies,
retirement accounts, etc. post divorce. Don’t forget policies provided by work,
the safe deposit box, and other small items.

■ Are
your estate planning documents up to date for new children or grandchildren?
While most well written documents address these changes (e.g., my children
shall include any children born after the date of this will”) don’t assume it.
Dannielynn’s mom, Anna Nicole Smith, didn’t get it right in her will.

■ Update
insurance policies for current values and assets. When is the last time you had
your jewelry and art tallied and appraised? You could be dramatically
under-insured and not have key items listed.

■ What’s
the maximum liability protection you have? If your estate has doubled in size,
and your coverage hasn’t been updated since your mother-in-law last visited,
your entire estate could be jeopardized by a car accident.

■ Clean
up old trusts and UGMAs. Trusts often have ending dates. Children attain the
age of majority. Leaving assets in trusts and custodial accounts past their
ending date is at best pointless, and at worse it could create problems.
Terminate and wind up trusts, UGMAs and other accounts that have ended.

■ Update
your will for charitable pledges you’ve signed to avoid disputes and confusion
later.

■ If
executors and other fiduciaries have died, or reached a stage where it is impractical
for them to serve, update your documents removing them to avoid complications.

■ Sign
an independent document authorizing access to private health information (HIPAA
release) so that loved ones can monitor your care even if they don’t need to
activate a more complex living will or health proxy.

■ Have
adult kids sign powers and living wills.