See below for a checklist 📃 to help you take care of your family by making a will, power of attorney, living will, funeral arrangements, and more.
You may have heard that you need to make an “estate plan,” but what does an estate plan cover and how do to make one? Here is a simple list of the most important estate planning issues to consider.
Estate Planning Checklist: Actionable Steps
1. Establish a Will
– Designate beneficiaries
– Appoint a guardian for minor children
– Appoint an executor to manage your estate
2. Evaluate a Trust
– Consider the benefits of a living trust
– Identify which assets to include in the trust
– Appoint a trustworthy trustee
3. Establish Health Care Directives
– Draft a health care declaration or “living will”
– Appoint a power of attorney for health care
4. Arrange a Financial Power of Attorney
– Choose a trusted individual to handle your financial affairs
– Clearly outline the scope of their responsibility
5. Safeguard Your Children’s Assets
– Appoint an adult to manage your minor children’s inherited assets
– Consider making this person the same as the guardian named in your will
6. Complete Beneficiary Forms
– Designate beneficiaries for bank accounts and retirement plans
– Register stocks, bonds, or brokerage accounts to transfer upon your death
7. Grasp Estate Taxes
– Understand the current estate tax thresholds
– Consider tax implications for your spouse and potential charitable donations
8. Plan for Funeral Expenses
– Set up a payable-on-death account at your bank
– Deposit sufficient funds for funeral and related expenses
9. Finalize End-of-Life Arrangements
– Document your wishes for organ and body donation
– Specify your preference for burial or cremation
10. Safeguard Your Business
– Develop a succession plan if you’re a sole owner
– Establish a buyout agreement if you have business co-owners
11. Securely Store Your Documents
– Organize essential documents such as wills, insurance policies, real estate deeds, and financial account information
– Provide your attorney-in-fact and/or executor with access to these documents
- Wills and trusts
- Insurance policies
- Real estate deeds
- Certificates for stocks, bonds, annuities
- Bank accounts, mutual funds, safe deposit boxes information
- Retirement plans, 401(k) accounts, or IRAs information
- Debts information: credit cards, mortgages and loans, utilities, unpaid taxes
- Funeral prepayment plans and final arrangements instructions
- Maintaining organized documents is a significant service to your survivors.
Remember to review and update your estate plan regularly or whenever there are significant changes in your life or financial situation. Consulting with a professional estate planner or attorney can help ensure your plan is comprehensive and meets your specific needs. Please don’t hesitate to contact us for any questions on your specific situation.
Matt Ward, CFP®
817-238-6300
Matt.Ward@newcenturyinvestments.com
