Estate Planning Checklist 2019

In this task, you will identify all of your assets to create a comprehensive inventory. This will include listing all properties, vehicles, bank accounts, investments, and any valuable items. By completing this task, you will have a clear understanding of your assets and their value, which will be crucial for the estate planning process. Do you have any assets that you may have forgotten or are unsure about?

In this task, you will create a list of all your debts. This includes mortgages, loans, credit card debts, and any other outstanding liabilities. By documenting all of your debts, you will have a clear understanding of your financial obligations. Do you have any outstanding debts that you may have forgotten or are unsure about?

In this task, you will make decisions about who will inherit your assets. Consider your family members, friends, charities, or any other individuals or organizations that you wish to leave your assets to. By making these decisions, you will ensure that your assets are distributed according to your wishes. Have you considered all potential beneficiaries?

In this task, you will select a will executor. A will executor is responsible for carrying out the instructions in your will and distributing your assets to the designated beneficiaries. Consider someone you trust and who is capable of handling these responsibilities. By selecting a will executor, you will ensure that your estate is managed and distributed properly. Who do you trust to serve as your will executor?

In this task, you will create a will. A will is a legal document that outlines your wishes regarding the distribution of your assets and the care of any dependents. Consider consulting with a lawyer or using an online service to create a legally valid and comprehensive will. By creating a will, you will have peace of mind knowing that your assets and loved ones will be taken care of according to your wishes. Have you considered all aspects of your will, including asset distribution and dependent care?

In this task, you will set up a durable power of attorney. A durable power of attorney gives someone you trust the authority to make financial and legal decisions on your behalf in the event that you become incapacitated. Consider selecting someone who is responsible and capable of handling these decisions. By setting up a durable power of attorney, you will ensure that your financial and legal affairs are managed in accordance with your wishes. Who would you trust to make financial and legal decisions on your behalf?

In this task, you will establish a Medical Power of Attorney or Health Care Proxy. This document designates someone to make medical decisions on your behalf in the event that you are unable to do so. Consider selecting someone who understands your medical preferences and will advocate for your wishes. By establishing a Medical Power of Attorney or Health Care Proxy, you will ensure that your medical decisions align with your desires. Who would you trust to make medical decisions on your behalf?

In this task, you will provide funeral and burial instructions. This includes specifying your preferred funeral arrangements, burial or cremation preferences, and any other specific requests or wishes related to your final arrangements. By providing funeral and burial instructions, you will ensure that your wishes are known and respected. Do you have any specific funeral or burial instructions?

In this task, you will provide organ donation instructions. If you wish to donate your organs or tissues after your death, it is important to specify your intentions and make them known to your loved ones. By providing organ donation instructions, you will contribute to the gift of life for others in need. Do you wish to donate your organs or tissues?

In this task, you will arrange for the care of your pets. Consider who would be responsible for your pets' well-being in the event of your incapacity or death. By making arrangements for the care of your pets, you will ensure that they are taken care of and provided for. Who would you trust to take care of your pets?

In this task, you will discuss your estate planning plans with your family. It is important to communicate with your loved ones about your intentions and ensure that they understand your wishes. By discussing your plans with your family, you will minimize potential conflicts and ensure that everyone is on the same page. Have you had a discussion with your family about your estate planning?

In this task, you will determine a secure and accessible location to keep your estate plan. Consider a location that is easily accessible to your trusted family members or designated representatives. By keeping your estate plan in a secure and accessible location, you will ensure that it can be easily accessed when needed. Where do you plan to store your estate plan?

In this task, you will determine if establishing a trust is necessary for your estate plan. A trust can provide additional control and flexibility in the distribution of your assets, particularly if you have complex financial situations or specific wishes for asset management. Consider consulting with a lawyer or estate planning professional to determine if a trust is appropriate for your needs. By establishing a trust, you can ensure that your assets are managed and distributed according to your wishes. Do you believe a trust is necessary for your estate plan?

In this task, you will review and update the beneficiaries on your life insurance policies, retirement accounts, and any other financial accounts that require beneficiary designations. This step is important to ensure that your assets are distributed to the intended recipients. By reviewing and updating the beneficiaries, you will align your estate plan with your current wishes. Have you reviewed and updated the beneficiaries on your financial accounts?

In this task, you will review and update your estate plan regularly. Estate planning needs can change over time due to various factors such as new assets, family dynamics, or changes in tax laws. By reviewing and updating your estate plan regularly, you can ensure that it remains aligned with your current wishes and circumstances. Have you reviewed your estate plan within the past year?

In this task, you will create a digital assets plan. Digital assets include online accounts, social media profiles, email accounts, digital files, and any other important online assets. By creating a digital assets plan, you will ensure that your loved ones can access and manage your digital assets in the event of your incapacity or death. Have you considered all of your digital assets and how they should be managed?