The biggest problem with any estate plan is doing nothing, which is why I call this issue item 0! If you don’t even have a basic will, then your state will determine how your property is distributed. The Ultimate Estate Planning Assets Checklist: To learn details about many of these items, refer to the back issues of Retirement Watch or the book, “The New Rules of Estate Planning,” by bob Carlson. Review both regularly to determine if updates to an estate plan are needed. The other list ensures the estate plan does not become obsolete. The first list helps to ensure an estate plan covers all the key elements. To do so, follow the two estate planning checklists below. You can lift significant burdens off of the survivors with a well-crafted estate plan and leave them financially secure. Take burdens off your loved ones by leaving guidelines for your burial services and arrangements.Įstate Planning Checklist Affects the Legacy You LeaveĪn estate plan determines whether you leave the legacy you want. Assets can be protected from your heirs or their creditors through the use of trusts and other methods. If you have minor children, determine who will be their guardians if you and their other parent both pass away.ĭecide who will be responsible for your care and manage your assets when you aren’t able to do so because of an illness or an injury. For these other assets, beneficiary designation forms should have been filed so that these assets will transfer to the desired heir.Įstate Planning Checklist Includes Nonfinancial Issues such as Minor Children and Medical Treatment PlanningĪ complete plan also covers nonfinancial issues. Some assets avoid probate and aren’t controlled by the will. There are ways to avoid probate, so you might want to include some of those methods in your plan. Probate can be time-consuming and expensive, depending on your state. Though they might have little financial value these assets often are the source of bitter and long-lasting family disputes, so give a lot of thought to how these are allocated in an estate plan.Īn estate plan also determines how much of an estate goes through the probate process. The estate plan should cover not only major property assets but also which heirs and beneficiaries should receive items that have sentimental or emotional value. Also, identify any charities you wish to support.Įstate Planning Checklist Covers the Ownership of Valuable Property and Sentimental Assets Identifying the family and friends you want to provide for and protect is a critical first step in any estate plan because taking care of loved ones is the ultimate goal of the estate plan. 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. 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.
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |