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Have You Checked Off These Items On Your Estate Planning Checklist?

On Behalf of | Jul 28, 2020 | Estate Planning |

Estate planning is an essential part of everyone’s lives. Regardless of your age or assets, you should think about drafting an estate plan for the future. Without one, your loved ones can be left in limbo and your wishes may not be honored.

But how do you get started? Crafting an estate plan can be daunting, but this checklist can put you on the right path.

Estate Planning Checklist

There are a variety of documents and statements you will want to draft for your estate plan. In general, you’ll want to make sure to have considered these things in your estate plan:

  • Identify/list your assets
  • Identify your loved ones and account for their needs
  • Establish your wishes (i.e. medical directives, power of attorney, financial power of attorney, trusts)
  • Review your accounts (retirement accounts, insurance plans, health savings accounts)
  • Determine beneficiaries
  • Consider estate tax laws

Thinking about these factors and considering your needs and your loved one’s needs is a good place to start when thinking about your estate plan. Checking off these items in the list can give you a good jumping-off point before creating the official documents of your estate plan, such as a will, trust and medical directive.

You’ll also want to consider how to create these documents. Consulting a professional such as an estate planning attorney can help you ensure that your plan is secure and efficient.

While thinking about the future in this way may not be pleasant, crafting an estate plan can give you peace of mind.