An essential resource, our Estate Planning Checklist Template guides you to comprehensively assess, strategize, and manage your estate endeavours effectively.
1
Gather and review all current estate documents and information
2
Identify the total value of the estate assets
3
List out all outstanding debts and liabilities
4
Identify the beneficiaries of the estate
5
Make a decision on an executor of the will
6
Approval: Executor Selection
7
Draft a Basic Will or Trust
8
Designate powers of attorney and healthcare directives
9
Plan for the estate tax
10
Consider the effect of inheritance on beneficiaries
11
Seek legal advice if needed
12
Approval: Legal Advice
13
Consider whether to create a lifetime gifting plan
14
Consider purchasing life insurance
15
Plan for incapacity by setting up living wills and healthcare proxies
16
Ensure all important documents are safely stored and accessible
17
Inform chosen executor and beneficiaries of their roles
18
Regularly review and update the estate plan
19
Approval: Final Estate Plan
Gather and review all current estate documents and information
This task involves collecting and reviewing all the important estate documents and information. It is crucial to have a clear understanding of the current estate situation before proceeding with the planning process. Ensure that all documents, such as wills, trusts, and property deeds, are organized and accessible. Review the details carefully to identify any potential gaps or discrepancies. To successfully complete this task, gather the following documents: 1. Wills 2. Trust documents 3. Property deeds 4. Financial account statements 5. Insurance policies 6. Retirement account information 7. Debt records 8. Beneficiary designations Have you gathered all the necessary estate documents?
1
Yes
2
No
Identify the total value of the estate assets
List out all outstanding debts and liabilities
Identify the beneficiaries of the estate
Make a decision on an executor of the will
Approval: Executor Selection
Will be submitted for approval:
Make a decision on an executor of the will
Will be submitted
Draft a Basic Will or Trust
Designate powers of attorney and healthcare directives
Plan for the estate tax
Consider the effect of inheritance on beneficiaries
Seek legal advice if needed
Approval: Legal Advice
Will be submitted for approval:
Seek legal advice if needed
Will be submitted
Consider whether to create a lifetime gifting plan
Consider purchasing life insurance
Plan for incapacity by setting up living wills and healthcare proxies
Ensure all important documents are safely stored and accessible
Inform chosen executor and beneficiaries of their roles
Regularly review and update the estate plan
Approval: Final Estate Plan
Will be submitted for approval:
Draft a Basic Will or Trust
Will be submitted
Designate powers of attorney and healthcare directives
Will be submitted
Plan for the estate tax
Will be submitted
Consider the effect of inheritance on beneficiaries
Will be submitted
Consider whether to create a lifetime gifting plan
Will be submitted
Consider purchasing life insurance
Will be submitted
Plan for incapacity by setting up living wills and healthcare proxies
Will be submitted
Ensure all important documents are safely stored and accessible
Will be submitted
Inform chosen executor and beneficiaries of their roles
