Optimize your estate's future with our comprehensive 50-point checklist. Ensure thorough financial planning and secure your beneficiaries' inheritance.
1
Collect Initial Client Information
2
Identify Client's Financial Goals and Values
3
Determine Current Net Worth
4
Identify Client's Beneficiaries
5
Review Current Estate Planning Documents
6
Approval: Document Review
7
Create a Comprehensive Inventory of Client's Assets
8
Identify Potential Estate Taxes
9
Consider Lifetime Gifts
10
Review Life Insurance Policies
11
Draft a Will
12
Approval: Will Draft
13
Consider Trust Options
14
Draft Trust Documents if Necessary
15
Approval: Trust Document Draft
16
Prepare Durable Power of Attorney Documents
17
Prepare Healthcare Directive Documents
18
Communicate Estate Plan to Family Members
19
Finalize and Execute Estate Plan Documents
20
Approval: Final Plan
Collect Initial Client Information
Gather basic information about the client including their name, contact details, and any previous estate planning documents they may have.
Identify Client's Financial Goals and Values
Engage in a conversation with the client to understand their financial goals and values. Ask open-ended questions to get a clear picture of what they want to achieve with their estate plan.
1
Maximize wealth transfer
2
Minimize tax liabilities
3
Provide for charitable giving
4
Ensure family harmony
Determine Current Net Worth
Assess the client's current net worth by gathering information about their assets and liabilities. Calculate the difference to determine their net worth.
Identify Client's Beneficiaries
Inquire about the client's desired beneficiaries for their estate plan. Understand their relationship with each beneficiary and any specific provisions they want to include.
Review Current Estate Planning Documents
Review any existing estate planning documents provided by the client. Compare them to the client's current goals and values to determine if updates or modifications are necessary.
Approval: Document Review
Will be submitted for approval:
Review Current Estate Planning Documents
Will be submitted
Create a Comprehensive Inventory of Client's Assets
Compile a detailed list of all the client's assets, including real estate properties, bank accounts, investments, and personal belongings. Use appropriate resources and tools to ensure accuracy.
Identify Potential Estate Taxes
Evaluate the potential estate tax implications based on the client's net worth and applicable tax laws. Consider consulting with a tax professional if necessary.
1
United States
2
United Kingdom
3
Canada
4
Australia
5
Germany
Consider Lifetime Gifts
Discuss the option of making lifetime gifts with the client. Explain the benefits and potential implications of gifting assets during their lifetime.
1
Cash
2
Real Estate
3
Stocks
4
Artwork
5
Business Ownership
Review Life Insurance Policies
Obtain information about the client's life insurance policies. Evaluate their coverage, beneficiaries, and any potential estate tax implications.
Draft a Will
Prepare a will document that reflects the client's wishes for asset distribution, executor selection, and guardianship for minor children. Ensure legal compliance and clarity in the document.
Approval: Will Draft
Will be submitted for approval:
Draft a Will
Will be submitted
Consider Trust Options
Discuss the various trust options available to the client, such as revocable living trust, irrevocable trust, or testamentary trust. Explain the benefits and potential drawbacks of each option.
1
Revocable Living Trust
2
Irrevocable Trust
3
Testamentary Trust
Draft Trust Documents if Necessary
If the client decides to establish a trust, draft the necessary trust documents based on their specific requirements and goals. Collaborate with legal professionals if needed.
Approval: Trust Document Draft
Will be submitted for approval:
Consider Trust Options
Will be submitted
Draft Trust Documents if Necessary
Will be submitted
Prepare Durable Power of Attorney Documents
Prepare durable power of attorney documents that designate an agent to make financial decisions on the client's behalf in case of incapacity. Ensure legal compliance and accuracy of information.
Prepare Healthcare Directive Documents
Prepare healthcare directive documents, such as a living will or medical power of attorney, that outline the client's wishes for medical treatment and appoint a healthcare agent. Consider legal requirements and discuss options with the client.
Communicate Estate Plan to Family Members
Facilitate a meeting or communication with the client's family members to discuss the estate plan. Explain the client's intentions, address any concerns or questions, and encourage open communication among family members.
Finalize and Execute Estate Plan Documents
Review all the estate planning documents with the client to ensure accuracy and completeness. Assist the client in executing the documents according to legal requirements and provide additional copies if necessary.
Approval: Final Plan
Will be submitted for approval:
Collect Initial Client Information
Will be submitted
Identify Client's Financial Goals and Values
Will be submitted
Determine Current Net Worth
Will be submitted
Identify Client's Beneficiaries
Will be submitted
Review Current Estate Planning Documents
Will be submitted
Create a Comprehensive Inventory of Client's Assets
