Your incapacity documents should name an agent who can make financial and medical decisions on your behalf in case you are ever incapacitated. In addition, a well drafted estate plan should also anticipate what should happen if you are ever incapacitated. In general, your estate plan should determine what will happen to your assets after you pass away and simplify the transfer process when the times comes. Your main goal might be to make sure your spouse and children are taken care of after you are gone.Īmongst the most common benefits of effective estate planning are minimizing or eliminating gift and estate taxes, reducing future medical, court, and legal costs, deciding who will continue to raise your minor children if you are not able to do so, and deciding who will make medical and financial decisions on your behalf.Īdditionally, estate planning can protect you and your family’s privacy, help your family members when facing difficult end-of-life decisions, and deciding who receives your property and when. The specific purpose of your estate plan might vary depending on the particulars of your situation and your stage in life. In this article, Let’s create an estate planning checklist, the role of these common estate planning documents, and why you want to make them part of your estate plan. Whether you are considering an estate plan for yourself, a loved one, or if you would like to ensure your current estate plan meets your needs, learning more about these essential legal documents should prove valuable to you. There are several important legal documents that are a crucial part of any estate plan, these include a last will and testament, incapacity documents, and for most cases, a revocable living trust. Middle class families can benefit from effective estate planning to facilitate the transfer of their assets both during their lifetime and at death. But estate planning is certainly not just for the very wealthy. Depending on your level of wealth and your family situation, your estate plan can be very simple or more complex.įor high-net-worth individuals and families, sophisticated estate planning solutions can provide significant savings on gift, estate, and generation-skipping transfer taxes. Making A List of Your Assets and LiabilitiesĪn estate plan is a collection of legal documents that help with the management of a person’s assets and medical decisions in case of incapacity or death.Provide the name of your veterinarian and care instructions for pets.
You may also include this information in your will.
#ESTATE PLANNING CHECKLIST LICENSE#
List your personal data This might include your Social Security number, driver’s license number, VA claim number, date of birth, and the names and phone numbers of immediate family members.Components you may want to incorporate in this letter include (but are not limited to): This letter should be used to provide instructions for actions that may need to be carried out before your will is read, especially in the event that probate is necessary. With this document, you can effectively articulate your funeral wishes, where your important documents can be found, and the names and phone numbers of people to contact in the event of your death.