ESTATE PLANNING DOCUMENT CHECKLIST HOW TO

One way to do this is by drafting a Power of Attorney (POA). Preparing for the possibility of being unavailable or incapacitated due to a planned absence, serious illness, or accident is an important part of estate and financial planning.

▢ Documents for making a Power of Attorney (POA)

ESTATE PLANNING DOCUMENT CHECKLIST HOW TO

Legal Guide: How To Choose the Right ExecutorĬovers what an executor does and things to consider when choosing an executor for your estate. Set out your wishes for assets and guardianship.Ĭovers the importance of drafting a Will, what's involved, and how your Will fits into your broader financial plan. State your wishes for funeral services and final expenses.Designate a guardian for any minor children.Specify how your property is divided among your heirs.If your estate is particularly extensive or complicated, you have a complicated family, or an heir with special needs, you might want to consider some legal assistance to get everything sorted out properly. An executor may be appointed to ensure that the wishes expressed in the Will are carried out.Ī Will communicates to your family and to the courts your exact wishes concerning your property and custody of your children after your death. Beneficiaries, including family members, friends, and charitable organizations, are typically named in the Will to receive portions of your estate. ▢ Documents for making a Last Will and TestamentĪ Last Will and Testament, commonly referred to as a Will, is a legally binding document that provides instructions for the distribution of your assets after death, including money, property, and sentimental items. Legal Guide: Estate Planning for Married CouplesĬovers the benefits of estate planning for married couples. Legal Guide: Estate Planning for IndividualsĬovers the benefits of estate planning for single individuals and single parents. Transfer ownership of property directly to family members. List and assign value to your personal assets. Organize your personal and financial information. Get legal advice online or by phone from a lawyer that specializes in estate planning because everyone’s situation is different. Jumpstart conversations and planning around your wants and needs and those of your loved ones.Document your personal belongings and assets for easy reference.

Get organized around the personal and financial information needed to complete your estate planning documents.These estate planning tools will help you: Whether you are just beginning to consider estate planning or are well on your way, these tools can help you create a plan that reflects your values and provides peace of mind for you and your loved ones. We’ll explore some of these tools in this section. Various tools and resources are available to get you started and to make the estate planning process easier. Living Trust - Plan for how your assets will be distributed over time.Advance Directive - Communicate healthcare preferences and name trusted people to make healthcare decisions on your behalf.Power of Attorney - Name trusted people to act or make decisions on your behalf.

Last Will and Testament - Plan for how to distribute property and care for dependents.It's never too early to start planning your estate, and this information can help you better understand its benefits and how each piece fits into a larger plan. Proper estate planning can positively impact your legacy, whether you own a small business or real property, or simply want to spare your loved ones the burden and expense of probate court. It is also about using the legal tools at your disposal to preserve your assets for the future benefit of your loved ones. Estate planning is all about protecting those you love if, for whatever reason, you are not there to take care of them.

Estate planning document checklist