#Estate plan review checklist pdf

When appointing an executor, choose someone responsible and trustworthy. This person will ensure that all your wishes are carried out as per your will.

You’ll also want to add these to your list of nonphysical assets. Check that everything is up to date, the proper beneficiaries are listed and all contributions and premiums are being paid properly. This includes pensions, 401(k) accounts, annuities, IRAs and insurance policies.

You should also list all of your credit cards along with the balances due on each. This includes any mortgages, car loans, business loans and personal loans. Make a list of all your debts so your estate income can correctly resolve them. Remember to list the names of the respective banks and companies along with your detailed account information. If you own any stocks, CDs or savings bonds, include those here. These include all bank accounts, both personal and business.

Experts also suggest including any physical item greater than $100 in value, like laptops and other electronic devices. To start, include your house, any other property you own, vehicles and any expensive art or artifacts. Prepare a detailed list of all the physical items that you own that can be deemed as assets. Here’s a list of steps you can take to cover all your bases: While estate planning might seem like a morbid task, having your estate in order means saving your loved ones stress and heartache in the future. Estate planning is about much more than simply dividing up your finances it also allows you to ensure that you receive the medical care you want, that your children are properly cared for if you die unexpectedly and that you’re given the memorial you want. With help from legal and financial professionals, you can distribute your assets in a way that minimizes the tax obligations your heirs will face. A clear will and a good estate plan will help your loved ones avoid arguments, disputes and messy legal battles about the fair distribution of your assets. By developing a comprehensive estate plan, you can guarantee that your assets go to the right people. Financial support for the people you care about.The biggest benefit of estate planning is the peace of mind it provides, ensuring that your hard-earned assets will be distributed according to your wishes. There are several important benefits to estate planning, including: Your lawyer will be able to help you get started and provide expert advice tailored to your personal needs. Work with your lawyer, accountant or financial planner to work out an estate plan that is tailored to your needs and incorporates all your assets.įor help developing a comprehensive estate plan that covers all necessary issues, it’s recommended that you seek independent legal advice. Identify any potential risks you want to plan around before and after your death, such as divorce, mental incapacity or your early death. Create a list of all your personal assets, as well as other assets that form your estate, such as trusts, stocks or life insurance. The estate planning process can be broken down into a few simple steps: Filing an advance medical directive, or instructions regarding medical treatment if you’re mentally incapacitated or unable to communicate.Appointing power of attorney, or someone to conduct your affairs if you’re unable to do so.Naming an executor of your estate or a trustee for minor beneficiaries.Making a will, this is an official document that records the distribution of assets.It aims to provide peace of mind for you and your loved ones, ensuring that your assets are passed on to your beneficiaries in the most simple and effective way.

#Estate plan review checklist pdf

If you can work your way through the main estate planning tasks now, you’ll set your loved ones up for an easier transition when you die.ĭownload a printable PDF estate planning checklist What is estate planning?Įstate planning involves developing a strategy to deal with your assets and investments after you die.

While it might be an awkward or even painful topic to think about, mapping out what should happen to your assets if you die or become incapacitated is a crucial part of financial planning. All international money transfer services.