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The Ultimate Estate Planning Checklist

Did you know that less than half of all Americans have a will in their name? This lack of estate planning is disturbing because it can have serious repercussions in the event of the unexpected.

No one wants to think about their death. But, if you don’t plan, you could be leaving your family, health, and property in jeopardy. That’s why we made this estate planning checklist.

In it, we’ll briefly walk you through everything you should consider. That way, you can have the peace of mind that you deserve. Let’s get started!

Inventory Everything You Have

There are a lot of things that you need to keep track of with estate planning. So, it helps to make a list of both the tangible and intangible assets that you have.

Tangible assets refer to things like your home, vehicles, collections, and personal property. Intangible assets can encompass a lot of things including:

  • Checking and savings accounts
  • Certificates of deposit
  • Stocks
  • Bonds
  • Mutual funds
  • Life insurance policies
  • Retirement plans like your 401(k) and individual retirement accounts
  • Health savings account
  • Your ownership of a business

Once you have everything on the table you can start to plan what to do with it.

Make Sure Your Family Will Be Taken Care Of

You want to make sure that your family will be all right if you or your spouse pass away. First, make sure that your life insurance policy is up to date. You should also appoint a legal guardian to your children.

Finally, document any wishes that you might have for your children’s care.

Complete Important Legal Directives

Now, it’s time to sort out your legal directives You can start by setting up your will and trust. This will help make sure that your assets go to the people that you want.

You should also make a living will. This is a medical care directive that what you want for medical care if you aren’t able to make decisions anymore.

You may also want to do the same thing for your finances by designating an agent with power of attorney. Just make sure that you trust the individual.

Hire Professional Help

Your estate planning is only as effective as the attorney you hire. If you go with a subpar attorney, then there could be serious holes in your estate planning. Instead, look for professionals that offer expert planning with fair fees.

Enjoy This Estate Planning Checklist? Keep Reading

We hope this estate planning checklist helped you get a start on these considerations. At the end of the day, the most important thing is to find an estate planning attorney that you can trust. That way, they can answer any questions you might have about your specific circumstances.

If you found this article informative, keep tabs on our blog for more legal advice and tips.

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