To learn details about many of these items, refer to the back issues of Retirement Watch or the book, “The New Rules of Estate Planning,” by Bob Carlson. Review both regularly to determine if update to an estate plan are needed. ![]() The other list ensures the estate plan does not become obsolete. The first list helps to ensure an estate plan covers all of the key elements. To do so, follow the two estate planning checklists below. Lift significant burdens off of the survivors with a well-crafted estate plan and leave them financially secure. Estate Planning Checklist Affects the Legacy You LeaveĪn estate plan determines whether you leave the legacy you want. Take burdens off your loved ones by leaving guidelines for your burial services and arrangements. Assets can be protected from your heirs or their creditors through the use of trusts and other methods. If you have minor children, determine who will be their guardians if you and their other parent both pass away.ĭecide who will be responsible for your care and manage your assets when you aren’t able to do so because of an illness or an injury. Estate Planning Checklist Includes Nonfinancial IssuesĪ complete plan also covers nonfinancial issues. Your estate plan should be sure that the beneficiary designation forms are reviewed and will transfer the assets to those who are supposed to receive them. Some assets avoid probate and aren’t controlled by your will. There are ways to avoid probate, so you might want to include some of those methods in your plan. Probate can be time-consuming and expensive, depending on your state. The plan also determines how much of an estate goes through the probate process. ![]() These assets often are the source of bitter and long-lasting family disputes, so give a lot of thought to how these are allocated in an estate plan. The plan covers not only major assets but also who receives items that have sentimental or emotional value. Estate Planning Checklist Covers Valuable and Sentimental Assets For example, your spouse can benefit from a house for the rest of his or her life before the property then can be passed on to your children or to charity. The estate plan holder can decide that some property goes to one person for a while, then pass it on to someone else. The estate plan determines who receives property after you pass away. Instead, focus on all of the other goals of the plan. Now, few estates will owe federal estate taxes. Reducing estate taxes often was the most important goal of estate plans in the past. A complete Estate Planning checklist has many parts that should be followed step-by-step to protect your heirs.
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