Friday, October 18, 2013
If you are an estate planning attorney, what should you do after receiving a call that a client has very little time to live? Here are nine topics you need to address quickly and efficiently:
- Assess whether your client is legally competent to create an estate plan.
- Review existing estate plans to determine if any updates need to be made.
- Review beneficiary designations to ensure they are in sync with the rest of the estate plan.
- Take necessary steps to avoid probate.
- Locate vital information to facilitate estate administration.
- Make instructions for funeral arrangements.
- Consider making nontaxable gifts.
- Convert their traditional IRA to a Roth IRA.
- Sell depreciated assets.
See Amalia Levit Todryk & Kathryn A. Muldoon, Deathbed Planning: What You Can Do This Side of Paradise, Wisconsin Lawyer, October 2013.