Identify any changes in your asset distribution wishes
3
Approval: Updated Will and Testament
4
Update beneficiary designations
5
Review, update Trusts.
6
Approval: Trust Updates
7
Assess requirement of establishing a Living Will or Healthcare Proxies
8
Assess need for Power of Attorney
9
Approval: Living Will, Healthcare Proxies, Power of Attorney
10
Ensure adequate life insurance coverage
11
Identify tax planning opportunities
12
Review your retirement plans
13
Keeping up with changes in estate tax laws
14
Approval: Tax Planning and Legal Updates
15
Organize all estate related documents
16
Discuss estate plans with your heirs
17
Set a date for the next estate planning review
18
Approval: Estate Planning Process
Review current will and testament
Take the time to carefully review your current will and testament. This important document outlines how your assets will be distributed upon your passing. Make sure it reflects your current wishes and consider any changes that may be necessary. Have you experienced any major life events or changes in your financial situation that could impact how you want your assets distributed?
Identify any changes in your asset distribution wishes
Consider if there have been any shifts in your preferences for asset distribution. Have your priorities or circumstances changed? Review your beneficiaries and determine if you want to make any adjustments.
1
Real estate properties
2
Investment accounts
3
Retirement accounts
4
Business interests
5
Personal belongings
Approval: Updated Will and Testament
Will be submitted for approval:
Review current will and testament
Will be submitted
Update beneficiary designations
Ensure that your beneficiary designations accurately reflect your wishes. Review and update your beneficiary information for retirement accounts, life insurance policies, and other accounts as necessary.
1
Retirement accounts
2
Life insurance policies
3
Other accounts
Review, update Trusts.
If you have established any trusts as part of your estate plan, review them to ensure they are aligned with your current wishes. Consider any changes in your financial situation, family circumstances, or preferences for asset distribution.
1
Revocable living trust
2
Irrevocable trust
3
Charitable trust
4
Special needs trust
Approval: Trust Updates
Will be submitted for approval:
Update beneficiary designations
Will be submitted
Assess requirement of establishing a Living Will or Healthcare Proxies
Evaluate whether you need to establish a Living Will or Healthcare Proxies. These documents outline your wishes for medical treatment and designate individuals to make medical decisions on your behalf if you are unable to do so.
1
Living Will
2
Healthcare Proxy
3
Both
4
None
Assess need for Power of Attorney
Consider if you need to establish a Power of Attorney. This legal document designates an individual to act on your behalf in financial or legal matters if you become incapacitated.
1
Yes
2
No
Approval: Living Will, Healthcare Proxies, Power of Attorney
Will be submitted for approval:
Assess requirement of establishing a Living Will or Healthcare Proxies
Will be submitted
Assess need for Power of Attorney
Will be submitted
Ensure adequate life insurance coverage
Evaluate your life insurance coverage to ensure it is sufficient for your needs. Consider any changes in your financial situation, family circumstances, or intended uses for the proceeds of the policy.
Identify tax planning opportunities
Explore potential tax planning opportunities within your estate plan. Identify strategies to minimize estate taxes and maximize the value of your assets for your beneficiaries.
1
Yes
2
No
Review your retirement plans
Take a closer look at your retirement plans and ensure they align with your overall estate plan. Consider any changes in your retirement goals, contributions, or required minimum distributions.
1
401(k)
2
IRA
3
Pension plan
4
Annuity
5
Other
Keeping up with changes in estate tax laws
Stay informed about any changes in estate tax laws that may impact your estate plan. Understand the potential implications and discuss with your estate planning professional.
Approval: Tax Planning and Legal Updates
Will be submitted for approval:
Identify tax planning opportunities
Will be submitted
Keeping up with changes in estate tax laws
Will be submitted
Organize all estate related documents
Gather and organize all estate-related documents in a safe and easily accessible location. This includes wills, trusts, beneficiary designations, life insurance policies, and any other relevant paperwork.
1
Wills and trusts
2
Beneficiary designations
3
Life insurance policies
4
Property deeds
5
Financial account statements
Discuss estate plans with your heirs
Initiate a conversation with your heirs to discuss your estate plans. Share your intentions, address any concerns, and provide an opportunity for them to ask questions or seek clarification.
Set a date for the next estate planning review
Schedule a date for the next estate planning review. Regularly reviewing and updating your estate plan ensures it remains aligned with your wishes and current circumstances.
