Basic Estate Planning Checklist
estate planning
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Go over estate planning basics - what happens if either death or disability occur, family financial well-being, how to decrease estate taxes, appointing beneficiaries, etc.
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Prepare ownership of assets - set up a direct transfer to a new owner for any item that has a title (or create joint owners)
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Determine your beneficiaries - this stipulates who will receive the property after your death, without giving those people "current" ownership.
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Anticipate debts/expenses with insurance policies - this includes burial expenses, and ensures all is paid for after death.
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Draft the final will and testament - this covers probated property, care of children who are minors (or adult children with disabilities), and distribution of any property not under joint ownership
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Appoint and executor of the estate outlined in your will, and someone you trust to be the guardian of any loved ones who need care
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A living trust? Consider this for large estates or a large number of beneficiaries to distribute property and decrease taxes
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Appoint a financial Power of Attorney (POA) - this person will act on your behalf if you no longer have mental capacity to take part, or upon your death (only as you stipulate)
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Also consider appointing a health care POA - discuss your wishes for medical treatment & care in the event you are too ill to voice those interests or concerns
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Create a living will (or an "advance directive") - this will go in conjunction with a heath care POA.
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Draft any wishes/information for the Executor - this is not a legal document like the others, but rather words for guidance and last remaining desires (burial instructions, where to find docs, etc.)
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