Estate Planning Checkup

ESTATE PLANNING CHECKLIST

Estate planning is the process of designating who will receive your property and assets, and handle your responsibilities after your death or incapacity.  The main goal is to ensure that the beneficiaries receive assets and property in a way that minimizes taxes.

 

The following is a quick estate planning checklist to get you started on creating an estate plan.

 

  • Inventory your assets and property - This can include your home, bank accounts, investments, life insurance policies, cars, collectibles, and other personal property.

  • Determine your family’s needs - Do you have enough life insurance?  Who will take care of your kids and how they will be taken care of?  Who will take over your business?  These and other questions should be addressed.

  • Establish your directives - What type of Trust do you want?  What do you want in your Medical Directive?  Who should have Power of Attorney?  These and other questions should be addressed.

  • Who are your beneficiaries - Your Will and Trust will outline who will receive what.  Make sure that the right people get the right stuff and that certain assets and property cannot be contested.  Then determine who will be the “contingency beneficiaries” in case something happens to a particular beneficiary.

  • Taken into account your state’s estate tax laws - This will have a major impact on how much can be inherited by your beneficiaries.  Each state is different and assets can be treated differently.  So a thorough financial review of all assets should be conducted.

  • Consider an Estate Planning Attorney - The laws are very complex and there are a lot of legal options that can be used to protect an estate.  Consider contacting an estate planning attorney who can help you in these matters.

 

Feel free to make an appointment with our firm to review your estate plan.

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