Answer True/False to the following questions, then grade your own quiz and decide for yourself if your estate plan deserves an A+ or if your plan will need some more work.
1. If I died today, the amount I am leaving my children would make a dramatic change in their financial life.
2. My plan includes steps to protect my heirs’ inheritance from lawsuits or divorce.
3. I have considered what could happen to my assets if my spouse remarries after I’m gone.
4. My children or other heirs handle money as well as I do.
5. At least one of my children or grandchildren has a track record for shaky relationships or marriages.
6. I think an inheritance is a right rather than a reward.
7. Each of my kids and grandkids is unique, with different talents and challenges.
8. I have worked to preserve important family values and stories so my family will remember them.
9. I have reached a point in my life where my parenting job is done, so I no longer worry or share my wisdom with my children or grandchildren.
10. I have contact with my estate attorney at least once a year.
11. My attorney is aware of recent changes in my family.
12. I believe that, as a parent, my job is to do what is best for my children, even if it is not what my child wants at the time.
13. At the time I did my plan, I was a little confused about whether it was what I wanted.
Creating thoughtful, comprehensive and effective estate plans is what we do full-time at Edwards Group. Contact us today at 217-726-9200 if you are unhappy with your answers to the above quiz. Or check out our upcoming workshop dates to learn more about effective planning. We can help you be sure that you and your family will receive an A+!