#ESTATE PLANNING CHECKLIST 2020 LICENSE#

These accounts will avoid probate so it is important to elect beneficiaries and ensure they are up-to-date.Ī living trust or revocable trust permits assets owned by the trust to avoid probate when passing to heirs.

They should feel comfortable standing by your wishes if there are conflicting opinions from other family membersĪlso consider appointing someone to act on and handle your financial matters should you be unable to do so.Įlect beneficiaries for qualified retirement accounts and life insurance policies.

They should be able to communicate your wishes to your doctor.

When appointing someone, consider the following:

It will also outline your preferences for medical treatment and care. When you establish an advance health care directive, you name one or more individuals to direct your medical decisions if you are unable to do so. If you do not have a designated medical care power of attorney, the court will make medical decisions on your behalf should you become incapacitated.

Include contact information for relatives and friends and any other pertinent information your executor should be aware of. Also include online accounts and passwords. Create a list with instructions on where to find all of the documents above.Draft a letter of instruction for your heirs and executor.Other assets such as jewelry and collectables.Bank and investment account information.Health care documents: HIPAA authorization and advanced health care directives.

#ESTATE PLANNING CHECKLIST 2020 LICENSE#

Personal identification documents: passport, marriage license and birth certificate.

Hire an estate planning attorney to create the will and ensure it is signed in the presence of a witness(s).

Name an executor of the will and a contingent executor, in the event the executor can no longer carry out their duties.

Account for all property and important possessions, and document who should receive what.

Define who will provide care for children, as well as provide financial support they may be different individuals.

Name guardians and back-up guardians for minor children.

Call the law offices of Mindy Felinton, and let’s talk about what is important to you.Passing away without a will, known as dying intestate, means the state will determine how your assets get distributed and to whom. However, if you find satisfaction in making sure that the things you value will go to the people you care about, estate planning becomes very important. If you become permanently disabled, for instance, suffering from dementia, the health care proxy will have the authority to make all decisions concerning your health.Įstate planning may be an uncomfortable process because no one likes to think about his or her own death. This person should be someone you trust, such as a member of the family or friend, who will make decisions about your health if you cannot. Probate can often be expensive and a lengthy, time consuming process.Īnother important item on your estate planning checklist is a health care proxy. Even though, the trust may initially be more expensive, it will help to avoid the probate process, during which the court monitors the assets. People may set up a Living Trust instead of a Last Will and Testament. During your lifetime, you can still make decisions about your property and you can revoke and amend the trust at any time. Unlike the “Last Will and Testament,” a living will does not involve property.Ī Revocable Living Trust gives legal ownership of your property to the person or people you designate. A Living Will,Īlso known as a health care directive, details your instructions about your health care decisions to extend your life or not, if you become seriously ill. * Establish a plan for your medical care if you become incapacitatedĬomponents of any estate planning checklist involve a Living Will or Last Will and Testament or Living Trust. * Have your property transferred with minimum or sometimes no estate taxes, and usually with few or no legal * Name which family members or friends will receive your property If the idea of having control over what you own appeals to you, let’s begin with an estate planning checklist. Death may be inevitable, but estate planning lets you decide now, where your property will go later. Estate planning is simply a method to decide what will happen to what you own when you die. It’s not just for the wealthy, and it does not have to be complicated. Here are two things you probably did not know about estate planning.

Estate planning checklist 2020