Estate Planning Checklist 2020

This task involves determining the total value of your estate, including all assets such as properties, investments, savings, and personal belongings. It is important to have an accurate understanding of your estate's worth in order to make informed decisions during the estate planning process. Consider consulting with a professional appraiser or utilizing online valuation tools to assist in this assessment.

In this task, you will create an inventory of all your personal assets and debts. This includes properties you own, financial accounts, investments, vehicles, personal belongings, and any outstanding debts such as loans or mortgages. Keep track of details such as ownership titles, account numbers, and current balances. This inventory will serve as a crucial reference for your estate planning.

In this task, you will define the goals you want to achieve through your estate planning. Consider your personal values, family dynamics, financial priorities, and long-term aspirations. Setting clear goals will help you make informed decisions throughout the process. Some common goals may include ensuring financial security for loved ones, minimizing estate taxes, supporting charitable causes, or providing for the education of children or grandchildren.

This task involves identifying and listing the beneficiaries who will receive your assets after your passing. Beneficiaries can include family members, friends, or charitable organizations. Consider the specific assets you want each beneficiary to receive and whether you want these distributions to be equal or in specific proportions. It is important to review and update this list regularly as circumstances and relationships may change over time.

During this task, you will assess the potential tax implications of your estate plan. Consult with a tax professional or estate planning attorney to understand the tax laws relevant to your jurisdiction. Determining how taxes will affect your estate can help you make informed decisions regarding wealth transfer strategies, gifting, and charitable contributions. Additionally, consider any tax advantages offered by certain types of trusts or charitable entities.

In this task, you will determine whether a will or trust structure is most appropriate for your estate planning needs. Consider the complexity of your assets, privacy concerns, probate avoidance, and the level of control you desire in distributing your assets. Consult with an estate planning attorney to understand the benefits and limitations of each option and to ensure your plan aligns with your goals and legal requirements.

In this task, you will schedule a consultation with an experienced estate planning attorney. An attorney can provide legal guidance, help you navigate complex laws and regulations, and ensure your estate plan is tailored to your specific needs. Prepare a list of questions or concerns to discuss during the consultation to make the most of your time together.

In this task, you will create your will or trust document with the assistance of your chosen estate planning attorney. The document will outline your wishes regarding asset distribution, appointment of executors or trustees, guardianship of minor children, and any other specific instructions you have. Work closely with your attorney to ensure all legal requirements are met and your intentions are clearly documented.

During this task, you will designate individuals or institutions who will be responsible for executing your estate plan. These individuals typically include executors or personal representatives and trustees. Consider their roles and responsibilities, ensuring they are capable and willing to fulfill these duties. Communicate your decisions to the chosen individuals and provide them with a copy of relevant documentation.

If you have minor children, this task involves designating legal guardians who will care for them in the event of your passing. Consider individuals who share your values, have a close relationship with your children, and are willing to take on this responsibility. Discuss your decision with the designated guardians to ensure they are prepared and willing to fulfill this role.

In this task, you will establish powers of attorney for healthcare and financial matters. A healthcare power of attorney designates an individual to make medical decisions on your behalf if you become incapacitated, while a financial power of attorney grants someone the authority to manage your financial affairs. Carefully consider your chosen agents and ensure they understand your wishes and values.

In this task, you will assess the need for a life insurance policy to provide financial security for your loved ones after your passing. Consider factors such as outstanding debts, income replacement, education expenses, and future financial obligations. Consult with an insurance professional to determine the appropriate coverage amount and policy type based on your unique circumstances.

During this task, you will outline your preferences for burial or any alternative arrangements such as cremation or donation to medical science. Include details regarding funeral services, memorial ceremonies, and desired locations. Communicate your preferences with loved ones and consider prearranging these services to alleviate the burden on family members during a emotionally challenging period.

In this task, you will gather and organize all critical documents related to your estate plan. This includes your will or trust document, insurance policies, financial account statements, property deeds, and any other important paperwork. Store these documents in a secure location such as a safe deposit box or a fireproof safe, and inform trusted individuals of their whereabouts.

During this task, you will inform your family members and loved ones about your estate plan. Clearly communicate your intentions, provide them with an overview of the plan, and share any relevant documentation they may need in the future. Address any questions or concerns they may have, and maintain open lines of communication throughout the estate planning process.

In this task, you will commit to reviewing and updating your estate plan on an annual basis. Life circumstances, such as births, deaths, marriages, divorces, or changes in financial status, may warrant adjustments to your plan. Regularly consult with your estate planning attorney to ensure your plan remains current and aligns with your evolving needs and goals.