Estate Planning Checklist: Key Steps for a Comprehensive Plan
Estate plans comprise multiple components, including wills and trusts, along with supporting documents designed to help beneficiaries execute the wishes of the deceased.
Estate planning extends beyond preparing for life’s end—it also ensures your preferences are honored if you become incapacitated. Your comprehensive estate plan should incorporate these ten essential elements:
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Draft a last will and testament: Specify how your assets will be distributed following your death, and designate an executor to oversee your estate administration.
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Consider trusts: Establish a living trust to transfer property to heirs while bypassing probate, which represents a time-consuming and costly undertaking.
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Appoint a power of attorney: Name someone to handle your financial and legal responsibilities should you become unable to manage them. Ensure your spouse receives this authority if desired, as it doesn’t occur automatically.
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Set up medical directives: Assign a durable power of attorney for healthcare to make medical choices on your behalf if necessary. Additionally, draft a living will outlining your preferences regarding medical treatment and life support decisions.
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Name a guardian for minor children: Designate someone you trust to care for your children if you die or become incapacitated.
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Establish a business succession plan: If you operate a business, document how it will be managed or transferred upon your death or incapacity.
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Compile an inventory of assets: Record all financial accounts, bank holdings, insurance policies, and contact details for professionals, including your estate planning attorney, accountant, and financial advisor.
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Address digital assets: Decide the future of your social media and digital accounts upon death. Research whether platforms offer “legacy” features for account management by others.
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Prepare funeral instructions: In a separate document from your will, describe your memorial service preferences, burial or cremation choices, and any pre-arranged plans.
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Store important documents securely: Keep copies of estate planning documents, mortgages, property deeds, and titles in a fireproof, waterproof home safe. Inform family members of their location in emergencies.
Remember, estate planning requires periodic review. Revisit your plan every three to five years to confirm it remains aligned with your objectives and reflects changes in circumstances or applicable laws. Work with an estate planning attorney to ensure your plan is thorough and legally compliant.
If you or a loved one needs assistance with estate planning, do not hesitate to contact The Stegall Law Firm. We are here to help.
