Explore the Ohio Checklist for Estate Planning, guiding you through the essential steps for managing your assets, designing wills, and securing your legacy.
1
Compile a list of all your assets
2
Evaluate the value of these assets
3
Identify and list your liabilities
4
Identify potential beneficiaries
5
Draft a will and specify how assets will be distributed
6
Determine need for setting up a trust
7
Choose an executor for your estate
8
Set up power of attorney documents
9
Approval: Power of Attorney Documents
10
Establish a living will or advance healthcare directive
11
Consider a guardianship plan if you have minor children
12
Designate beneficiaries for your retirement accounts and insurance policies
13
Review and consider your estate tax situation
14
Hire an estate planning attorney to review your plans
15
Approval: Attorney Review of Estate Plan
16
Keep a record of where all estate planning documents are kept
17
Inform your executor about your estate planning
18
Continually review your estate plan every few years or after major life events
Compile a list of all your assets
In this task, you will compile a comprehensive list of all your assets. This includes real estate properties, vehicles, bank accounts, investments, retirement accounts, business interests, and any other valuable possessions. Having an accurate inventory of your assets is crucial for effective estate planning. Make sure to gather all relevant documents, account numbers, and legal ownership details for each asset. By completing this task, you will have a clear understanding of the scope and value of your estate.
Evaluate the value of these assets
Now that you have compiled a list of all your assets, it's time to evaluate their value. This step involves determining the approximate worth of each asset, considering factors such as market value, depreciation, and potential growth. Assessing the value of your assets will help you understand the overall financial picture of your estate, which is essential for proper estate planning. Use reliable resources, such as appraisers, financial advisors, or online valuation tools, to estimate the value of your assets as accurately as possible.
Identify and list your liabilities
In this task, you will identify and list all your liabilities. Liabilities refer to any debts, loans, mortgages, credit card balances, or other financial obligations that you owe. It's important to have a clear understanding of your liabilities when planning your estate, as they can impact the distribution of your assets. Make sure to gather all relevant documents and statements related to your liabilities. By completing this task, you will have a comprehensive overview of your financial obligations that need to be considered in your estate plan.
Identify potential beneficiaries
In this task, you will identify and list the potential beneficiaries of your estate. Beneficiaries are the individuals or organizations you wish to inherit your assets after your passing. Consider your family members, friends, charitable organizations, or any other entities you want to include in your estate plan. It's essential to think carefully about your beneficiaries and their specific roles in your life. By completing this task, you will have a clear understanding of who you want to benefit from your estate and can proceed with the next steps of estate planning.
Draft a will and specify how assets will be distributed
In this task, you will draft a will, which is a legal document that specifies how your assets will be distributed after your passing. Describe your wishes regarding asset distribution, including specific bequests, percentages, or any other instructions you want to include. Consult with an estate planning attorney to ensure your will complies with the legal requirements of your jurisdiction. It's crucial to update your will periodically or after major life events to reflect any changes in your preferences. By completing this task, you will have a legally binding document that outlines the distribution of your assets.
Determine need for setting up a trust
Setting up a trust may be beneficial in certain estate planning scenarios. In this task, you will evaluate whether creating a trust is necessary for your situation. Trusts can provide various advantages, such as avoiding probate, protecting assets, or minimizing estate taxes. Consider consulting with an estate planning attorney to understand the different types of trusts and their implications. By completing this task, you will have a clear understanding of whether establishing a trust is a wise decision for your estate plan.
1
Yes
2
No
Choose an executor for your estate
In this task, you will choose an executor for your estate. The executor is responsible for managing and distributing your assets according to your will or trust. Select someone you trust who has the necessary organizational skills and attention to detail. It's advisable to discuss this role with the potential executor before making the decision. By completing this task, you will have designated a reliable individual to handle the administration of your estate.
Set up power of attorney documents
In this task, you will set up power of attorney documents. A power of attorney is a legal document that grants someone else the authority to make financial or healthcare decisions on your behalf in case you become incapacitated. Consider consulting with an attorney specialized in estate planning to ensure the power of attorney documents meet legal requirements. By completing this task, you will have the necessary safeguards in place to manage your affairs if you are unable to do so yourself.
Approval: Power of Attorney Documents
Will be submitted for approval:
Set up power of attorney documents
Will be submitted
Establish a living will or advance healthcare directive
In this task, you will establish a living will or advance healthcare directive. These legal documents outline your preferences regarding healthcare decisions in case you are unable to communicate or make choices yourself. Specify your wishes regarding life support, medical treatment, organ donation, and other healthcare matters. Consult with an attorney specialized in estate planning and healthcare law to ensure your living will or advance healthcare directive complies with local regulations. By completing this task, you will have a legally binding document that guides medical professionals and your loved ones in making critical healthcare decisions.
Consider a guardianship plan if you have minor children
If you have minor children, it's crucial to consider a guardianship plan in the event of your passing. In this task, you will evaluate and develop a plan specifying who will assume guardianship of your children. Choose responsible individuals who share your values and can provide a supportive and caring environment. Discuss this plan with the potential guardians to ensure their willingness and suitability. By completing this task, you will have a well-thought-out guardianship plan for your minor children if the need arises.
Designate beneficiaries for your retirement accounts and insurance policies
In this task, you will designate beneficiaries for your retirement accounts and insurance policies. Review your beneficiaries for each account or policy and ensure they align with your current intentions. Update the beneficiaries if necessary to reflect any changes in circumstances or relationships. By completing this task, you will have ensured that the funds from your retirement accounts and insurance policies will be distributed according to your wishes.
Review and consider your estate tax situation
In this task, you will review and consider your estate tax situation. Estate taxes are levied on the transfer of property upon your passing. Understand the estate tax laws applicable in your jurisdiction and evaluate whether your estate may be subject to taxation. Seek advice from financial and tax professionals to explore strategies for minimizing estate taxes, if appropriate. By completing this task, you will have a better understanding of how estate taxes may impact the distribution of your assets.
1
High
2
Medium
3
Low
Hire an estate planning attorney to review your plans
In this task, you will hire an estate planning attorney to review your plans. An experienced attorney can provide essential guidance, ensure legal compliance, and assist in addressing any complex issues. Engage a reputable attorney specialized in estate planning to review your documents, make necessary amendments, and offer professional advice. By completing this task, you will have sought professional assistance to ensure the effectiveness and legality of your estate planning.
Approval: Attorney Review of Estate Plan
Will be submitted for approval:
Hire an estate planning attorney to review your plans
Will be submitted
Keep a record of where all estate planning documents are kept
In this task, you will keep a record of where all your estate planning documents are kept. Maintaining an organized record ensures that your loved ones can easily locate and access important documents after your passing. Provide clear instructions and details about where you store your will, trust documents, power of attorney, living will, insurance policies, and other relevant paperwork. By completing this task, you will have established a system for efficient document management and retrieval in the future.
Inform your executor about your estate planning
In this task, you will inform your chosen executor about your estate planning. Schedule a meeting or have a conversation with your executor to discuss your overall estate plan, key documents, and their responsibilities. Provide them with essential contact information for your attorney, financial advisors, and any other relevant parties involved. By completing this task, you will ensure that your executor is well-informed and prepared to fulfill their duties effectively.
Continually review your estate plan every few years or after major life events
Estate planning is an ongoing process that requires periodic reviews and updates. In this task, you will commit to reviewing your estate plan every few years or after significant life events. Regularly reassessing your plan ensures that it remains aligned with your current circumstances, intentions, and legal requirements. Consider changes in relationships, financial status, health conditions, or any other factors that may necessitate adjustments to your estate plan. By completing this task, you will maintain an up-to-date and relevant estate plan.
