Estate Planning Checklist
Getting Your Affairs in Order: A Complete Estate Planning Checklist
It's responsible to plan ahead for any end-of-life concerns that your family may be faced with after you pass. Estate planning helps your loved ones in the future and brings you peace of mind today. Having an estate planning checklist beforehand can help.
Even if you don't think you're at a stage where estate planning is necessary, there's nothing wrong with taking care of it early. The best estate planning attorney makes the process easy. There are some benefits also by having your estate planning attorney taking care of, you can understand them better by reading this blog article (click here).
We've come up with a brief estate planning checklist so you can get your affairs in order while you're still able. Keep reading to learn more.
Update Your Insurance
You should always look into your insurance (and any associated memberships) as a part of your estate planning. One of the benefits of estate planning ahead of time is that you can make sure that your family gets the best possible payouts when you pass.
Contact all of the insurance companies and make sure that all beneficiaries are accounted for and updated for all insurances.
Next, take inventory of your debts and assets.
Make a list of everything valuable. This includes heirlooms, jewelry, vehicles, land, and your home. If you have expensive art or tech equipment, this will also qualify.
Take care to write everything down and don't be shocked if the list is longer than you thought.
You should also include assets that aren't tangible. If you have stocks, retirement accounts, bank accounts, and various types of insurance, these should be included as well. Make sure all the beneficiaries for your accounts are updated as well. If you have a revocable living trust make sure to designate your trust as the beneficiary of your accounts, that helps protect your assets.
When it comes to your debts, include everything. Credit cards, loans, mortgages, and personal debts all count. Make a list of account numbers and any other relevant information so it's easy for your family members to handle.
Determine a Responsible Party
You need to consider who you want to declare as the executor (or administrator) of your estate. This is the person who's responsible for administering your will or it will be the person that you define as your trustee.
This is a harder choice than you think. It's tempting to choose your spouse or children, but remember that this is going to be an emotional time. You want to know that the person you choose will be able to make rational decisions and help to keep you family together.
Also make sure someone can make financial decisions for your, as well as health care decisions. It is important to have all your Power of Attorneys (health care power of attorney and financial power of attorney) as well as your Living Will in place before you lose the ability to make decisions for yourself.
Consolidate Any Accounts
Do you have an IRA? What about a 401k? Do you have multiple retirement accounts from when you've changed careers?
If this is the case, it's a good idea to put any and all investment accounts together. Not only does this help your loved ones in the future, but it's also a good financial decision for you.
Hire an Estate Planning Attorney
There's a lot to remember when you're trying to plan your estate. Between drafting all your estate planning documents and navigating all of the financial issues that you need to take care of before you pass, it's good to have help.
Hiring the best estate planning attorney you can find will make your life easier and help you stay on track.
Use This Estate Planning Checklist
With this estate planning checklist, you shouldn't have any trouble getting your affairs in order. Remember, when in doubt, an estate planning attorney is the right professional to help you.
Are you in need of an experienced estate planning attorney in Chandler, Arizona? Citadel Law Firm will be pleased to help. Schedule a free estate planning consultation today! Call (480)565-8020 to click here to schedule.