#Estate planning checklist update#
#Estate planning checklist professional#

But you’ll need to look it over fairly often in order to keep it relevant. So as soon as they’ve made their estate plan, most are tempted to put it away and stop thinking about it. Keep Your Plan UpdatedĬreating a will can be stressful. To find out which applies to you, do your research and don’t be afraid to ask your attorney questions. Ensure that the assets to be included in your trust have been retitled as needed and that you hold onto copies of related documents.Ī simple will may be enough for some, while a trust could be necessary for those with more complicated circumstances.

#Estate planning checklist update#

If you decide to set up a trust, review and update your investment account beneficiaries if necessary.

Without doing this, the agreement will not take effect, meaning that your assets may not go to the heirs you’ve selected.

Fund your trust right away, if you decide to set one up.

First figure out whether you need a trust. Taking Action on Your Estate PlanĪs soon as you’re prepared, meet your attorney so they can draft your will, trust documents (if you need them), and financial and medical powers of attorney. This is important in case your spouse declines to handle the estate or passes on at the same time as you. But make sure you have a backup executor selected, as well (preferably someone you know with an accounting background or law degree). Many people select the relative closest to them for this role, such as their spouse, which makes sense as that person is likely to be most affected financially.

Who would you like to handle the distribution of your assets?.

How much money is necessary for their education and care?.

Who do you want to care for any minor children you leave behind?.

Who should be in charge of your finances in case you’re incapacitated?.

Who would you like to inherit your (physical and investment) assets?.

#Estate planning checklist professional#

Get ready for your meeting with an estate planning professional by knowing the answers to these questions about the way your affairs should be settled. In addition, you’ll want to think about who you’ll want to handle any medical decisions on your behalf in case you become incapacitated. Include the contents and location of any safes or safety deposit boxes you own. Also include any mortgages, debt, or lines of credit. Account Statements: Get recent statements from retirement accounts, brokerage accounts, and all bank accounts including checking and savings.The more detailed information you can include, the better. Include existing trusts, wills, or powers of attorney. Insurance Policies: Get a list together of any current insurance policies you have, detailing any death benefits or cash values.Your attorney will help you decide which items should be left to friends, family, or charity in terms of legality and tax. Next, consider business assets, real estate, and investments. Assets: Take stock of physical assets such as your house, car, artwork, and jewelry and list their value.Figuring out exactly what you own is step one in protecting it and making sure it’s handled as you want it to be once you’re gone.Īs soon as you’ve hired an estate planning lawyer, you’ll need to complete an inventory so your lawyer can assess the estate and start developing the appropriate plan for your needs. Regardless of how modest it is, all that you own is your estate. This will help you prepare for meeting with your attorney and planning your estate. Here is an estate planning checklist and worksheet you can use as a reference for gathering information.

“If estate planning was once considered something that only the wealthy needed, nowadays many middle-class families need to plan for when something happens to a family’s breadwinner (or breadwinners),” said Donna Fuscaldo, personal finance reporter and Investopedia contributor. This often involves minimizing taxes where possible, deciding who will handle your financial or medical matters, and selecting who will be the heirs to your assets. What will happen to you and your loved ones once you become incapacitated or pass away? Estate planning involves anticipating and organizing the management of your estate and what will happen to it in such a scenario.