#Estate planning checklist how to

Estate Planning Checklist identifies the loved ones you want to provide for and protect This estate planning checklist was created to make the process simpler and easier.Įven if you decide to turn your estate plan over to an estate planning attorney, you will still need an understanding of what is involved and the attorney will likely work thru an estate planning checklist like this one with you to ensure there plan is complete. They are overwhelmed by the different items that should be in an estate plan.

#Estate planning checklist how to

However, many people don’t complete their estate plans because they don’t know how to begin. But for everyone, the key objective of the estate plan is to determine who receives your property after you pass away. Fortunately, as a result of changes to the tax law, few estates will owe federal estate taxes. In the past, this was often extremely important. For some people, it involves steps to reduce estate taxes. Regardless of your age or wealth, you need an estate plan, and this comprehensive checklist will ensure you have a complete estate plan and that it stays up to date.Īn estate plan involves a lot more than writing a simple will. Remember that the main goal of estate planning is to protect both you and your family. And it should cover what happens in the event and both death and disability.

Updating and Reassessing your Estate PlanĪn estate planning checklist is a helpful starting point for putting together a comprehensive and well thought through estate plan that protects your heirs.Estate Asset Identification and Tracking.Any other documents that you deem relevant or have questions about.The Ultimate Estate Planning Checklist and Basics Guide – Table of Contents.Copies of insurance policies or annuities.Copies of deeds to any real estate you own.Your existing will(s) and trust document(s), if any.A list of any other obligations, including loans from family members, pending uninsured litigation and outstanding guarantees.A list of all lenders, terms of loans and any balances.A list of all credit cards and any debt associated with the card.A list of any other substantial assets such as valuable art work, jewelry, coins, collections of value, etc.A list of your life insurance policies or annuities, including the policy number, the type of policy, cash value and beneficiary.A list of vehicles you own, including the year, make, model, how titled, and any loan information.

A list of IRAs and 401(k)s and any other Qualified Plans, including the name and address of the institution, the owner of the plan, the beneficiaries, and the current value in your account.A list of the banks (including addresses and phone numbers), types of and names on the accounts, and estimated balances.A list of the securities accounts, numbers and names on the accounts (or a list of the companies, numbers of shares or bonds) and estimated value of all such securities.Legal descriptions, addresses, title status, value and lien balances, if any, of real property you and/or your spouse own.List of you and your spouse’s income sources (pensions, dividends, interest, rental income, employment, social security, etc.).Name, address, phone number of any closely related individuals you may wish to exclude from your estate.Name, address, phone number of the individual whom you wish to act as the guardian of your dependent children, if appropriate.Name, address, phone number of the individual whom you wish to act as your Personal Representative (executor of your estate), including an alternate designee.

Name, address, phone number of the individual(s) whom you will name as your power of attorney to make financial and/or medical decisions in the event of your incapacity.

Charities you may wish to receive a gift from your estate.

Information about possible inheritances, if known.

Name, date of birth and address of other individuals important to your estate plan, (e.g., grandchildren, siblings, friends, parents).

Name, date of birth and address of each child, and whether: natural, step or adopted.

Same information for spouse, if applicable.

Address, phone numbers, email address, social security number, date and place of birth, citizenship, marital status, previous marriages.

Things to bring with you when you visit an attorney to plan your estate: