Now that you have an estate plan in place, you should test it by doing a “fire drill.” Just like a fire drill at school or work practices how you evacuate a building safely, a fire drill for your estate plan tests the accessibility and operability of your plan during an emergency or crisis.
Ask yourself these questions:
- Who knows you have an estate plan?
- Do they know where to find it and your other your important legal documents? Do you?
- Do they know their specific roles and responsibilities?
It’s best to have these questions answered now while you still can so you can resolve any problems before it’s too late. A false sense of security that your plan will work when you need it to can be dangerous. You and your family will be glad that you took the time now to test your plan and make the necessary adjustments.
Let us know if you have any questions or need any help reviewing your current plan or hosting a family meeting to discuss how your plan works. We are happy to help you.
