#Estate planning checklist free update#

Understand the potential estate tax implications of your plan.

Make a list of your assets, including bank accounts, investments, real estate, and personal property.

Ensure that beneficiary designations on retirement accounts, life insurance policies, and other accounts are up to date.

#Estate planning checklist free update#

Review and Update Beneficiary Designations:.

Specify who will care for your children if you and your spouse pass away.Consult an estate planning attorney to discuss which type of trust best meets your needs and goals.Name a successor trustee to manage trust assets if you’re unable to.Transfer assets into the trust to avoid probate.Consider a Revocable Living Trust or an Irrevocable Asset Protection Trust:.Your Power of Attorney agent can only act for you while you are alive.Appoint someone you trust to manage your financial and legal affairs if you become incapacitated.Specify your preferences for medical treatment and end-of-life care to help aid your healthcare proxy in making decisions.Designate an alternate in case your primary choice is unable or unwilling to serve.Authorize someone you trust to serve as your Healthcare Proxy to make medical decisions on your behalf if you’re unable to.Establish a Healthcare Proxy and a Living Will/Advance Healthcare Directive:.Consider alternate beneficiaries in case your primary choices are unavailable.Outline how you want your assets distributed.Designate an executor (and an alternate) to manage your estate.Consider who you want to inherit your assets and how you want them to be distributed.Determine what you want to achieve with your estate plan.

You’ll also want to consult with your legal, financial and tax advisors to make sure your plan meets your specific needs. It’s a good idea to discuss your plans with your loved ones and the executor of your will. Here is a simplified checklist to help you get started on organizing your estate, and depending on your individual situation, you might discover other items to be addressed. The time you spend now will help your loved ones to cope later, and also will ensure your wishes will be carried out. One of the greatest gifts you can leave your survivors is an organized estate. Estate planning is a crucial process that involves making arrangements for the distribution of your assets and the management of your affairs after you pass away.