{"id":34799,"date":"2023-12-02T05:11:35","date_gmt":"2023-12-02T05:11:35","guid":{"rendered":"https:\/\/www.process.st\/templates\/american-bar-association-estate-planning-checklist\/"},"modified":"2024-03-05T15:43:23","modified_gmt":"2024-03-05T15:43:23","slug":"american-bar-association-estate-planning-checklist","status":"publish","type":"post","link":"https:\/\/www.process.st\/templates\/american-bar-association-estate-planning-checklist\/","title":{"rendered":"American Bar Association Estate Planning Checklist"},"content":{"rendered":"\n<section id=\"compile-a-detailed-list-of-assets-and-liabilities\"> \n <h2>Compile a detailed list of assets and liabilities<\/h2>\n <div class=\"text-content\">\n   Create a comprehensive list of all assets and liabilities that the individual possesses. This includes real estate, bank accounts, investments, retirement accounts, debts, and any other relevant financial information. Consider using a spreadsheet or financial software to organize and track this information. \n <\/div> \n <div class=\"textarea-field-content form-field-content\"> \n  <div class=\"form-group\"> <label> List of assets and liabilities <\/label> <textarea placeholder=\"Something will be typed here...\" rows=\"3\" disabled class=\"form-control\"><\/textarea> \n  <\/div> \n <\/div> \n<\/section> \n<section id=\"identify-heirs-and-devise-appropriate-estate-plan\"> \n <h2>Identify heirs and devise appropriate estate plan<\/h2>\n <div class=\"text-content\">\n   Determine who will inherit the estate upon the individual's death. Consider family members, close friends, or charitable organizations. Develop a plan that outlines how the assets will be distributed among the heirs. Are there any specific conditions or restrictions? Consult with the individual to ensure their wishes are reflected in the estate plan. \n <\/div> \n <div class=\"textarea-field-content form-field-content\"> \n  <div class=\"form-group\"> <label> Heirs and estate plan <\/label> <textarea placeholder=\"Something will be typed here...\" rows=\"3\" disabled class=\"form-control\"><\/textarea> \n  <\/div> \n <\/div> \n<\/section> \n<section id=\"choose-an-appropriate-executor-or-trustee\"> \n <h2>Choose an appropriate executor or trustee<\/h2>\n <div class=\"text-content\">\n   Select a trustworthy and capable individual to carry out the instructions outlined in the estate plan. The executor will be responsible for managing the estate, distributing assets, paying debts and taxes, and resolving any disputes that may arise. Consider the individual's ability to handle financial matters and their willingness to fulfill the role. \n <\/div> \n <div class=\"members-field-content form-field-content\"> \n  <div class=\"form-group\"> <label> Executor or trustee <\/label> <select disabled class=\"form-control\"> <option value=\"A member or group will be selected here\">A member or group will be selected here<\/option> <\/select> \n  <\/div> \n <\/div> \n<\/section> \n<section id=\"appointment-with-an-estate-planning-lawyer\"> \n <h2>Appointment with an estate planning lawyer<\/h2>\n <div class=\"text-content\">\n   Meeting with an estate planning lawyer is highly recommended to ensure your estate plan is legally sound and aligned with your goals. Schedule an appointment with an experienced attorney specializing in estate planning. During the meeting, discuss your goals, review your assets and liabilities, and seek legal advice on drafting a comprehensive estate plan. Be sure to provide any necessary documents or information requested by the lawyer. \n <\/div> \n <div class=\"date-field-content form-field-content\"> \n  <div class=\"form-group\"> <label> Meeting Date <\/label> \n   <div class=\"date-container\"> <button type=\"button\" disabled class=\"btn btn-default\"> <i class=\"fa fa-calendar btn-icon\"><\/i> Date will be set here <\/button> \n   <\/div> \n  <\/div> \n <\/div> \n <div class=\"members-field-content form-field-content\"> \n  <div class=\"form-group\"> <label> Attorney <\/label> <select disabled class=\"form-control\"> <option value=\"A member or group will be selected here\">A member or group will be selected here<\/option> <\/select> \n  <\/div> \n <\/div> \n<\/section> \n<section id=\"prepare-a-last-will-and-testament\"> \n <h2>Prepare a last will and testament<\/h2>\n <div class=\"text-content\">\n   A last will and testament is a legal document that specifies how your assets should be distributed upon your death. It is essential to have a valid and up-to-date will to ensure your wishes are carried out. Work with your estate planning lawyer to prepare a last will and testament that clearly outlines the distribution of assets, appointment of guardians for minor children (if applicable), and any other important provisions. Review the document carefully before signing and executing it. \n <\/div> \n <div class=\"file-field-content form-field-content\"> \n  <div class=\"form-group\"> <label> Draft of Last Will and Testament <\/label> \n   <div class=\"file-container\"> <button type=\"button\" disabled class=\"btn btn-default\"> <i class=\"fa fa-upload btn-icon\"><\/i> File will be uploaded here <\/button> \n   <\/div> \n  <\/div> \n <\/div> \n<\/section> \n<section id=\"create-living-will-or-advanced-healthcare-directive\"> \n <h2>Create living will or advanced healthcare directive<\/h2>\n <div class=\"text-content\">\n   A living will or advanced healthcare directive allows you to specify your medical treatment preferences and end-of-life decisions in case you become unable to communicate them. It ensures that your healthcare wishes are honored and relieves loved ones from the burden of making difficult decisions on your behalf. Consult with your healthcare provider or legal professional to create a living will that reflects your values and personal choices. \n <\/div> \n <div class=\"file-field-content form-field-content\"> \n  <div class=\"form-group\"> <label> Living Will or Healthcare Directive <\/label> \n   <div class=\"file-container\"> <button type=\"button\" disabled class=\"btn btn-default\"> <i class=\"fa fa-upload btn-icon\"><\/i> File will be uploaded here <\/button> \n   <\/div> \n  <\/div> \n <\/div> \n<\/section> \n<section id=\"approval-familys-understanding-of-estate-plan\"> \n <h2>Approval: Family's Understanding of Estate Plan<\/h2>\n <div class=\"approval-content\"> \n  <div class=\"header\"> \n   <div class=\"list-title\">\n    Will be submitted for approval:\n   <\/div> \n  <\/div> \n  <div class=\"approval-rule-subject-tasks-list\"> \n   <ul class=\"list\"> \n    <li> \n     <div class=\"approval-rule-subject-tasks-list-item\"> \n      <div class=\"item\"> \n       <div class=\"container\"> <span class=\"title\">Compile a detailed list of assets and liabilities<\/span> \n        <div class=\"body\">\n         Will be submitted\n        <\/div> \n       <\/div> \n      <\/div> \n     <\/div> <\/li>\n    <li> \n     <div class=\"approval-rule-subject-tasks-list-item\"> \n      <div class=\"item\"> \n       <div class=\"container\"> <span class=\"title\">Identify heirs and devise appropriate estate plan<\/span> \n        <div class=\"body\">\n         Will be submitted\n        <\/div> \n       <\/div> \n      <\/div> \n     <\/div> <\/li>\n    <li> \n     <div class=\"approval-rule-subject-tasks-list-item\"> \n      <div class=\"item\"> \n       <div class=\"container\"> <span class=\"title\">Choose an appropriate executor or trustee<\/span> \n        <div class=\"body\">\n         Will be submitted\n        <\/div> \n       <\/div> \n      <\/div> \n     <\/div> <\/li>\n    <li> \n     <div class=\"approval-rule-subject-tasks-list-item\"> \n      <div class=\"item\"> \n       <div class=\"container\"> <span class=\"title\">Appointment with an estate planning lawyer<\/span> \n        <div class=\"body\">\n         Will be submitted\n        <\/div> \n       <\/div> \n      <\/div> \n     <\/div> <\/li>\n    <li> \n     <div class=\"approval-rule-subject-tasks-list-item\"> \n      <div class=\"item\"> \n       <div class=\"container\"> <span class=\"title\">Prepare a last will and testament<\/span> \n        <div class=\"body\">\n         Will be submitted\n        <\/div> \n       <\/div> \n      <\/div> \n     <\/div> <\/li>\n    <li> \n     <div class=\"approval-rule-subject-tasks-list-item\"> \n      <div class=\"item\"> \n       <div class=\"container\"> <span class=\"title\">Create living will or advanced healthcare directive<\/span> \n        <div class=\"body\">\n         Will be submitted\n        <\/div> \n       <\/div> \n      <\/div> \n     <\/div> <\/li> \n   <\/ul> \n  <\/div> \n <\/div> \n<\/section> \n<section id=\"establish-any-necessary-trusts\"> \n <h2>Establish any necessary trusts<\/h2>\n <div class=\"text-content\">\n   Trusts can be an effective tool in estate planning to protect assets, minimize taxes, and control the distribution of wealth. Consider if establishing any trusts, such as revocable trusts, irrevocable trusts, or special needs trusts, would be beneficial for your specific situation. Consult with your estate planning lawyer to determine the type of trust(s) that may be appropriate and the necessary steps to establish and fund them. \n <\/div> \n <div class=\"select-field-content form-field-content\"> \n  <div class=\"form-group\"> <label> Type of Trust <\/label> <select disabled class=\"form-control\"> <option value=\"An option will be selected here\">An option will be selected here<\/option> <\/select> \n  <\/div> \n  <ul class=\"items\"> \n   <li class=\"item\"> \n    <div class=\"step-number-container\"> \n     <div class=\"step-number\">\n       1 \n     <\/div> \n    <\/div> \n    <div class=\"step-checkbox-container\"> \n     <div class=\"step-checkbox\"><\/div> \n    <\/div> \n    <div class=\"item-name-static\">\n      Revocable Trust \n    <\/div> <\/li>\n   <li class=\"item\"> \n    <div class=\"step-number-container\"> \n     <div class=\"step-number\">\n       2 \n     <\/div> \n    <\/div> \n    <div class=\"step-checkbox-container\"> \n     <div class=\"step-checkbox\"><\/div> \n    <\/div> \n    <div class=\"item-name-static\">\n      Irrevocable Trust \n    <\/div> <\/li>\n   <li class=\"item\"> \n    <div class=\"step-number-container\"> \n     <div class=\"step-number\">\n       3 \n     <\/div> \n    <\/div> \n    <div class=\"step-checkbox-container\"> \n     <div class=\"step-checkbox\"><\/div> \n    <\/div> \n    <div class=\"item-name-static\">\n      Special Needs Trust \n    <\/div> <\/li>\n   <li class=\"item\"> \n    <div class=\"step-number-container\"> \n     <div class=\"step-number\">\n       4 \n     <\/div> \n    <\/div> \n    <div class=\"step-checkbox-container\"> \n     <div class=\"step-checkbox\"><\/div> \n    <\/div> \n    <div class=\"item-name-static\">\n      Charitable Trust \n    <\/div> <\/li>\n   <li class=\"item\"> \n    <div class=\"step-number-container\"> \n     <div class=\"step-number\">\n       5 \n     <\/div> \n    <\/div> \n    <div class=\"step-checkbox-container\"> \n     <div class=\"step-checkbox\"><\/div> \n    <\/div> \n    <div class=\"item-name-static\">\n      Life Insurance Trust \n    <\/div> <\/li> \n  <\/ul> \n <\/div> \n<\/section> \n<section id=\"calculate-the-potential-estate-tax\"> \n <h2>Calculate the potential estate tax<\/h2>\n <div class=\"text-content\">\n   Estate taxes can significantly impact the amount of wealth transferred to your heirs. It is important to estimate the potential estate tax liability to make informed decisions about estate planning strategies. Consult with a tax professional or estate planning attorney to calculate the approximate estate tax and explore various methods to minimize its impact, such as gifting strategies, charitable donations, or utilizing tax exemptions. \n <\/div> \n <div class=\"number-field-content form-field-content\"> \n  <div class=\"form-group\"> <label> Estimated Estate Value <\/label> \n   <input type=\"text\" placeholder=\"Something will be typed here...\" disabled class=\"form-control\"> \n  <\/div> \n <\/div> \n <div class=\"number-field-content form-field-content\"> \n  <div class=\"form-group\"> <label> Estimated Estate Tax Rate <\/label> \n   <input type=\"text\" placeholder=\"Something will be typed here...\" disabled class=\"form-control\"> \n  <\/div> \n <\/div> \n<\/section> \n<section id=\"ensure-all-assets-are-properly-titled\"> \n <h2>Ensure all assets are properly titled<\/h2>\n <div class=\"text-content\">\n   Proper titling of assets is crucial to ensure their smooth transfer to beneficiaries. Review the ownership and titling of all assets and ensure they align with your estate plan. Update or make necessary changes to titles, deeds, account registrations, and beneficiary designations to reflect your desired distribution. Consult with your estate planning lawyer or financial advisor to ensure all assets are properly titled and coordinated with your overall estate plan. \n <\/div> \n <div class=\"textarea-field-content form-field-content\"> \n  <div class=\"form-group\"> <label> Assets requiring title updates <\/label> <textarea placeholder=\"Something will be typed here...\" rows=\"3\" disabled class=\"form-control\"><\/textarea> \n  <\/div> \n <\/div> \n<\/section> \n<section id=\"have-a-plan-for-businesses-after-death-if-applicable\"> \n <h2>Have a plan for businesses after death, if applicable<\/h2>\n <div class=\"text-content\">\n   If you own a business, it is important to have a plan in place for its continuation or transition after your death. Consider whether you want the business to be sold, passed on to family members, or managed by a successor. Discuss your intentions with family members, key employees, or business partners to ensure a smooth transition. Consult with a business attorney or advisor to determine the best course of action and address any potential challenges. \n <\/div> \n <div class=\"select-field-content form-field-content\"> \n  <div class=\"form-group\"> <label> Business Succession Plan <\/label> <select disabled class=\"form-control\"> <option value=\"An option will be selected here\">An option will be selected here<\/option> <\/select> \n  <\/div> \n  <ul class=\"items\"> \n   <li class=\"item\"> \n    <div class=\"step-number-container\"> \n     <div class=\"step-number\">\n       1 \n     <\/div> \n    <\/div> \n    <div class=\"step-checkbox-container\"> \n     <div class=\"step-checkbox\"><\/div> \n    <\/div> \n    <div class=\"item-name-static\">\n      Sell the Business \n    <\/div> <\/li>\n   <li class=\"item\"> \n    <div class=\"step-number-container\"> \n     <div class=\"step-number\">\n       2 \n     <\/div> \n    <\/div> \n    <div class=\"step-checkbox-container\"> \n     <div class=\"step-checkbox\"><\/div> \n    <\/div> \n    <div class=\"item-name-static\">\n      Pass it on to Family Members \n    <\/div> <\/li>\n   <li class=\"item\"> \n    <div class=\"step-number-container\"> \n     <div class=\"step-number\">\n       3 \n     <\/div> \n    <\/div> \n    <div class=\"step-checkbox-container\"> \n     <div class=\"step-checkbox\"><\/div> \n    <\/div> \n    <div class=\"item-name-static\">\n      Appoint a Successor \n    <\/div> <\/li>\n   <li class=\"item\"> \n    <div class=\"step-number-container\"> \n     <div class=\"step-number\">\n       4 \n     <\/div> \n    <\/div> \n    <div class=\"step-checkbox-container\"> \n     <div class=\"step-checkbox\"><\/div> \n    <\/div> \n    <div class=\"item-name-static\">\n      Establish a Trust \n    <\/div> <\/li> \n  <\/ul> \n <\/div> \n<\/section> \n<section id=\"update-beneficiary-designations-on-insurance-policies-and-retirement-plans\"> \n <h2>Update beneficiary designations on insurance policies and retirement plans<\/h2>\n <div class=\"text-content\">\n   Beneficiary designations on insurance policies, retirement accounts, and other financial instruments should align with your estate plan. Review and update beneficiary designations to ensure they reflect your current wishes. Consider any changes in family circumstances, such as births, deaths, marriages, or divorces. Consult with your insurance provider, retirement plan administrator, or financial advisor to make the necessary updates. \n <\/div> \n <div class=\"textarea-field-content form-field-content\"> \n  <div class=\"form-group\"> <label> List of Insurance Policies and Retirement Plans <\/label> <textarea placeholder=\"Something will be typed here...\" rows=\"3\" disabled class=\"form-control\"><\/textarea> \n  <\/div> \n <\/div> \n<\/section> \n<section id=\"approval-lawyers-reviewing-of-estate-plan\"> \n <h2>Approval: Lawyer's Reviewing of Estate Plan<\/h2> \n<\/section> \n<section id=\"implement-gifting-strategies-if-applicable\"> \n <h2>Implement gifting strategies, if applicable<\/h2>\n <div class=\"text-content\">\n   Gifting can be an effective strategy to reduce estate taxes, provide financial support to loved ones, or support charitable causes during your lifetime. Determine if gifting is appropriate in your estate plan and explore options such as annual exclusion gifts, lifetime exemption gifts, charitable donations, or funding education or medical expenses. Consult with a tax professional or estate planning advisor to implement gifting strategies that align with your goals and take advantage of available tax benefits. \n <\/div> \n <div class=\"select-field-content form-field-content\"> \n  <div class=\"form-group\"> <label> Gifting Strategies <\/label> <select disabled class=\"form-control\"> <option value=\"An option will be selected here\">An option will be selected here<\/option> <\/select> \n  <\/div> \n  <ul class=\"items\"> \n   <li class=\"item\"> \n    <div class=\"step-number-container\"> \n     <div class=\"step-number\">\n       1 \n     <\/div> \n    <\/div> \n    <div class=\"step-checkbox-container\"> \n     <div class=\"step-checkbox\"><\/div> \n    <\/div> \n    <div class=\"item-name-static\">\n      Annual Exclusion Gifts \n    <\/div> <\/li>\n   <li class=\"item\"> \n    <div class=\"step-number-container\"> \n     <div class=\"step-number\">\n       2 \n     <\/div> \n    <\/div> \n    <div class=\"step-checkbox-container\"> \n     <div class=\"step-checkbox\"><\/div> \n    <\/div> \n    <div class=\"item-name-static\">\n      Lifetime Exemption Gifts \n    <\/div> <\/li>\n   <li class=\"item\"> \n    <div class=\"step-number-container\"> \n     <div class=\"step-number\">\n       3 \n     <\/div> \n    <\/div> \n    <div class=\"step-checkbox-container\"> \n     <div class=\"step-checkbox\"><\/div> \n    <\/div> \n    <div class=\"item-name-static\">\n      Charitable Donations \n    <\/div> <\/li>\n   <li class=\"item\"> \n    <div class=\"step-number-container\"> \n     <div class=\"step-number\">\n       4 \n     <\/div> \n    <\/div> \n    <div class=\"step-checkbox-container\"> \n     <div class=\"step-checkbox\"><\/div> \n    <\/div> \n    <div class=\"item-name-static\">\n      Education\/Medical Expense Funding \n    <\/div> <\/li>\n   <li class=\"item\"> \n    <div class=\"step-number-container\"> \n     <div class=\"step-number\">\n       5 \n     <\/div> \n    <\/div> \n    <div class=\"step-checkbox-container\"> \n     <div class=\"step-checkbox\"><\/div> \n    <\/div> \n    <div class=\"item-name-static\">\n      Family Loans \n    <\/div> <\/li> \n  <\/ul> \n <\/div> \n<\/section> \n<section id=\"make-provisions-for-payment-of-estate-taxes\"> \n <h2>Make provisions for payment of estate taxes<\/h2>\n <div class=\"text-content\">\n   Assess the potential estate tax liability and consider how it will be funded. Plan for sufficient liquidity to cover the estate taxes and minimize the burden on your heirs. This may involve setting aside funds, arranging life insurance policies, establishing trusts, or utilizing other financial strategies. Consult with a financial advisor or estate planning professional to determine the most suitable provisions for the payment of estate taxes. \n <\/div> \n <div class=\"select-field-content form-field-content\"> \n  <div class=\"form-group\"> <label> Estate Tax Payment Provisions <\/label> <select disabled class=\"form-control\"> <option value=\"An option will be selected here\">An option will be selected here<\/option> <\/select> \n  <\/div> \n  <ul class=\"items\"> \n   <li class=\"item\"> \n    <div class=\"step-number-container\"> \n     <div class=\"step-number\">\n       1 \n     <\/div> \n    <\/div> \n    <div class=\"step-checkbox-container\"> \n     <div class=\"step-checkbox\"><\/div> \n    <\/div> \n    <div class=\"item-name-static\">\n      Liquid Assets\/Funds \n    <\/div> <\/li>\n   <li class=\"item\"> \n    <div class=\"step-number-container\"> \n     <div class=\"step-number\">\n       2 \n     <\/div> \n    <\/div> \n    <div class=\"step-checkbox-container\"> \n     <div class=\"step-checkbox\"><\/div> \n    <\/div> \n    <div class=\"item-name-static\">\n      Life Insurance Policies \n    <\/div> <\/li>\n   <li class=\"item\"> \n    <div class=\"step-number-container\"> \n     <div class=\"step-number\">\n       3 \n     <\/div> \n    <\/div> \n    <div class=\"step-checkbox-container\"> \n     <div class=\"step-checkbox\"><\/div> \n    <\/div> \n    <div class=\"item-name-static\">\n      Trusts \n    <\/div> <\/li>\n   <li class=\"item\"> \n    <div class=\"step-number-container\"> \n     <div class=\"step-number\">\n       4 \n     <\/div> \n    <\/div> \n    <div class=\"step-checkbox-container\"> \n     <div class=\"step-checkbox\"><\/div> \n    <\/div> \n    <div class=\"item-name-static\">\n      Borrowing \n    <\/div> <\/li>\n   <li class=\"item\"> \n    <div class=\"step-number-container\"> \n     <div class=\"step-number\">\n       5 \n     <\/div> \n    <\/div> \n    <div class=\"step-checkbox-container\"> \n     <div class=\"step-checkbox\"><\/div> \n    <\/div> \n    <div class=\"item-name-static\">\n      Other \n    <\/div> <\/li> \n  <\/ul> \n <\/div> \n<\/section> \n<section id=\"approval-final-estate-plan\"> \n <h2>Approval: Final Estate Plan<\/h2> \n<\/section> \n<section id=\"ensure-safe-storage-of-estate-planning-documents\"> \n <h2>Ensure safe storage of estate planning documents<\/h2>\n <div class=\"text-content\">\n   Properly storing estate planning documents is crucial to ensure their accessibility and protection. Identify a secure location for storing important documents, such as wills, trusts, powers of attorney, and healthcare directives. Consider utilizing a safe deposit box, fireproof safe, or digital storage solution. Inform key individuals, such as the executor or trustee, family members, or the attorney, about the location of these documents to facilitate their retrieval when needed. \n <\/div> \n <div class=\"multi-choice-content form-field-content\"> \n  <div class=\"form-group\"> <label> Storage Method <\/label> <select disabled class=\"form-control\"> <option value=\"\">Multiple options can be selected from this list<\/option> <\/select> \n  <\/div> \n  <ul class=\"items\"> \n   <li class=\"item\"> \n    <div class=\"step-number-container\"> \n     <div class=\"step-number\">\n       1 \n     <\/div> \n    <\/div> \n    <div class=\"step-checkbox-container\"> \n     <div class=\"step-checkbox\"><\/div> \n    <\/div> \n    <div class=\"item-name-static\">\n      Safe Deposit Box \n    <\/div> <\/li>\n   <li class=\"item\"> \n    <div class=\"step-number-container\"> \n     <div class=\"step-number\">\n       2 \n     <\/div> \n    <\/div> \n    <div class=\"step-checkbox-container\"> \n     <div class=\"step-checkbox\"><\/div> \n    <\/div> \n    <div class=\"item-name-static\">\n      Fireproof Safe \n    <\/div> <\/li>\n   <li class=\"item\"> \n    <div class=\"step-number-container\"> \n     <div class=\"step-number\">\n       3 \n     <\/div> \n    <\/div> \n    <div class=\"step-checkbox-container\"> \n     <div class=\"step-checkbox\"><\/div> \n    <\/div> \n    <div class=\"item-name-static\">\n      Digital Storage \n    <\/div> <\/li>\n   <li class=\"item\"> \n    <div class=\"step-number-container\"> \n     <div class=\"step-number\">\n       4 \n     <\/div> \n    <\/div> \n    <div class=\"step-checkbox-container\"> \n     <div class=\"step-checkbox\"><\/div> \n    <\/div> \n    <div class=\"item-name-static\">\n      Attorney's Office \n    <\/div> <\/li>\n   <li class=\"item\"> \n    <div class=\"step-number-container\"> \n     <div class=\"step-number\">\n       5 \n     <\/div> \n    <\/div> \n    <div class=\"step-checkbox-container\"> \n     <div class=\"step-checkbox\"><\/div> \n    <\/div> \n    <div class=\"item-name-static\">\n      Family Member's Home \n    <\/div> <\/li> \n  <\/ul> \n <\/div> \n<\/section>\n","protected":false},"excerpt":{"rendered":"<p>Compile a detailed list of assets and liabilities Create a comprehensive list of all assets and liabilities that the individual possesses. This includes real estate, bank accounts, investments, retirement accounts, debts, and any other relevant financial information. Consider using a spreadsheet or financial software to organize and track this information. 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