ESTATE PLANNING PREPARATION CHECKLIST HOW TO

Health care power of attorney: Allows a person to decide on your medical needs.Durable power of attorney: Allows a person to access your finances and take care of transactions if you're incapacitated.While there are many types of powers of attorney, the following two are typically high on the list. Power of attorneyĭesignate a person to act on your behalf for legal or financial matters. Assign these roles to well-qualified people you trust. Think of your estate-planning team as the key roles required to execute your wishes. If you're a business owner, what would you want to happen to your share of the ownership, and how would the business be able to keep going without you?.If your beneficiaries aren't financially savvy, you may want to involve a third party to help. Are there special circumstances to consider? Depending on your state, current spouses, former spouses, and nonmarried partners may require extra thought and consideration.Or you may need all your assets to ensure your own financial security during your lifetime. When do you want your estate to pass to beneficiaries - during your life or after death? You may prefer to witness your heirs enjoying what you pass along while you're still alive.What specific items do you want to pass on to your beneficiaries? Although financial assets are usually what comes to mind, consider all the personal items you've accumulated and who would most treasure them.Who do you want your estate to go to? Keep in mind that beneficiaries can be people, charities, religious organizations or institutions.

Are you assets set up to handle your needs and cover your liabilities? What are your needs and wishes? Think through your family's dynamics. 'We need to ask our attorney about providing for our special-needs grandchild.'.'I've applied for a life insurance policy.'.'We're trying to decide who should have various powers of attorney.'.Include a document with miscellaneous information, notes and pending questions for legal counsel. Don't let that stop you with your estate plan. These include your financial plan, estate-planning documents, wills, trusts, policies, deeds, etc.Ĭhances are good that you're in the middle of revising a will, selling an asset, etc. Copies - or the location of - your most recent important documents.This includes powers of attorney, executors, trustees, guardians, custodians, attorneys, tax advisors, financial advisors, bankers and funeral directors. Contact information for any of your assets' named agents.Personal and family information, including the names and marital status of your children, their address and contact information, date of birth, Social Security numbers and citizenship status.Consider using an encryption method to provide usernames, passwords and PINs for those who would require access.

ESTATE PLANNING PREPARATION CHECKLIST HOW TO

Consider including instructions for how to memorialize social media accounts.

List of social media accounts, including login information.

For each liability, include the type, balance and lender contact information.Īdd information needed to access your accounts or contact people who will be affected by your estate plan to your folder as well.

Debt owed to you, including the borrower's contact information.

Digital assets such as crypto or virtual currency, stablecoins, and non-fungible tokens - NFTs.

Social Security, other government pensions and their monthly or annual benefit.

Employer sponsored retirement plans or pensions.

Safe deposit box, its contents and location of the key.

Be sure to note account numbers and policy numbers. When you make a list of your assets, include property as well as all your financial assets. Include lists and notes for items in the categories below. Start a folder of written or printed documents. Take time to create an itemized list of all your assets and liabilities. You may have a pretty good idea about what you own and what you owe, but your family may not know about every little thing. Take inventory of your assets and liabilities. Read on for five key steps toward drafting an effective estate plan. While your goals may be simple, you can employ lots of strategies to achieve them. Second, they want that to happen with minimal expenses and taxation - both while they're alive and after they die.

First, they want their belongings and property to be distributed according to their wishes. Most people's estate-planning goals come down to two things.

Estate planning preparation checklist