"Explore the comprehensive Cross Will Estate Planning Checklist, designed to guide you through a thoughtfully crafted estate planning journey."
1
Identify estate planning goals
2
List current assets and valuables
3
Detail liabilities and outstanding debts
4
Select main beneficiaries
5
Appoint an executor for the will
6
Decide on guardians for minor children
7
Consider special circumstances and provisions
8
Select a durable power of attorney for finances
9
Choose a healthcare proxy and decide on healthcare directives
10
Draft the will document
11
Approval: Will Document review
12
Revise the will as necessary
13
Sign finalized will in the presence of witnesses
14
Store original document in a safe location
15
Inform executor and beneficiaries about the will
16
Plan for periodic will updates and revisions
17
Understand probate and estate tax laws
18
Consult with estate planning attorney
19
Approval: Estate Planning Attorney
20
Keep updated records of assets and liabilities
Identify estate planning goals
Think about what you want to achieve with your estate plan. Consider your financial and family goals, as well as any charitable contributions you may want to make. What are your priorities and what do you hope to accomplish with your estate plan?
List current assets and valuables
Make a comprehensive list of all your current assets and valuables. This includes bank accounts, investments, real estate, vehicles, jewelry, artwork, and any other valuable possessions. Knowing what you have will help in the estate planning process.
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Bank accounts
2
Investments
3
Real estate
4
Vehicles
5
Jewelry
6
Artwork
7
Other
Detail liabilities and outstanding debts
Identify and document all your liabilities and outstanding debts. This includes mortgages, loans, credit card debts, and any other financial obligations. Understanding your liabilities helps in creating a clear picture of your overall estate.
1
Mortgages
2
Loans
3
Credit card debts
4
Other
Select main beneficiaries
Choose who you want to include as beneficiaries in your estate plan. These are the individuals or organizations that will inherit your assets as per your wishes. Consider your family members, friends, and any charitable organizations you want to include.
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Family members
2
Friends
3
Charitable organizations
4
Other
Appoint an executor for the will
Select a trustworthy individual to be the executor of your will. This person will be responsible for carrying out your wishes and distributing your assets according to your estate plan. Make sure to discuss this role with the potential executor before making a decision.
Decide on guardians for minor children
If you have minor children, decide who will be their legal guardian in case both parents pass away. This person will be responsible for their care and well-being. Discuss this decision with the potential guardian to ensure their willingness and ability to take on this role.
Consider special circumstances and provisions
Think about any special circumstances or provisions you want to include in your estate plan. This could involve setting up a trust, specifying how certain assets should be distributed, or making arrangements for individuals with special needs. Consider seeking professional advice to ensure your wishes are properly addressed.
Select a durable power of attorney for finances
Choose someone you trust to act as your durable power of attorney for finances. This person will have the legal authority to make financial decisions on your behalf if you become incapacitated. Discuss this role with the potential power of attorney before making a decision.
Choose a healthcare proxy and decide on healthcare directives
Select a healthcare proxy who will make medical decisions for you if you are unable to do so. Discuss your healthcare preferences and directives with this person to ensure your wishes are known and respected. Consider seeking legal advice when documenting your healthcare directives.
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Do not resuscitate (DNR)
2
Organ donation
3
Life-sustaining treatments
4
Pain management
5
Other
Draft the will document
Prepare the written document that expresses your estate planning wishes. This should include how you want your assets to be distributed, who will be responsible for carrying out your wishes, and any other instructions or provisions you want to include.
Approval: Will Document review
Will be submitted for approval:
Draft the will document
Will be submitted
Revise the will as necessary
Review and update the will document periodically or as major life events occur. This ensures your estate plan remains aligned with your changing circumstances and wishes. Consider seeking legal advice during the revision process.
1
Change beneficiaries
2
Update executor
3
Modify provisions
4
Address special circumstances
5
Other
Sign finalized will in the presence of witnesses
Once the will is finalized, sign it in the presence of witnesses. The witnesses should be impartial and not beneficiaries or spouse. Ensure that all parties sign the will and include their full names and addresses. Check local laws for specific requirements regarding witnesses.
Store original document in a safe location
Choose a secure location to store the original copy of your will. This could be a safe deposit box, a fireproof safe, or with your attorney. Make sure to inform your executor about the location and any necessary access instructions.
Inform executor and beneficiaries about the will
Notify your chosen executor and beneficiaries about the existence and location of your will. Provide them with copies if necessary. Make sure they understand their roles and responsibilities regarding your estate plan.
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Inform executor
2
Notify beneficiaries
3
Provide copies of the will
4
Discuss roles and responsibilities
5
Other
Plan for periodic will updates and revisions
Develop a plan for reviewing and updating your will periodically. Consider setting reminders or scheduling regular check-ins to ensure your estate plan remains up-to-date and aligned with your wishes and circumstances.
Understand probate and estate tax laws
Educate yourself about the probate process and estate tax laws applicable in your jurisdiction. This will help you make informed decisions and navigate the legal aspects of estate planning. Consider consulting with an estate planning attorney for specialized advice.
Consult with estate planning attorney
Engage the services of a qualified estate planning attorney to help you navigate the complexities of estate planning. They can provide legal advice, draft legally enforceable documents, and ensure your wishes are properly documented and executed.
Approval: Estate Planning Attorney
Will be submitted for approval:
Consult with estate planning attorney
Will be submitted
Keep updated records of assets and liabilities
Maintain accurate and up-to-date records of your assets, liabilities, and other relevant financial information. This includes account statements, deeds, insurance policies, and any other documentation related to your estate. Organizing your records will facilitate the estate administration process.
