Whether you’re financially prepared to cover the cost of a long-term disability or injury.Anticipate Future Health Care and Medical Needsīe sure to address common medical and healthcare decisions, even if you’re healthy now. » MORE: Meaningful sympathy gifts that aren't flowersĥ. Discuss your choice of executor with your family members to be sure that they approve or at least will be able to work with the person you chose to carry out your wishes.Ask your candidate if he or she is willing to assume this responsibility and serve in this capacity.Discuss the responsibilities with your candidate and the wishes you want him or her to carry out.This should be someone responsible who you believe will follow through on your wishes to distribute your property and settle your estate. Debt is simply an asset with a negative value, such as:ĭecide who you want to handle your estate when you die. Include whether you’ve acquired any debt in your inventory. You will need to know the property you can transfer to someone else and the value of the transfer you are making. Once you know what you want to accomplish and the resources you can use to accomplish it, you should identify all the property you own and the value of each item.
#Estate planning checklist professional
It may be wise to speak with a professional to learn what resources may be best for you to consider. It simply indicates that there may be more options available to you for accomplishing your estate planning goals than you realize.Ī big part of having an effective and comprehensive estate plan is making sure you use all the resources available to you for transferring your wealth effectively, according to your wishes, and as inexpensively as possible. If you could not answer at least three of these questions, that does not mean you should not have an estate plan. Once you have signed a will, can you ever revoke it?.Are you required to divide your estate evenly among your children?.Who is the beneficiary of your life insurance?.What is the responsibility of an executor?.If your answer to more than two of the questions is, “I don’t know,” you will probably want to make an appointment with an attorney or estate planner to understand the purpose of some of the documents you may need to consider in your estate plan. This will depend on how comfortable you feel drafting your own documents and determining which resources you need.Ĭonsider the following questions. Get Professional Assistance and Adviceīefore you sign legal documents and dispose of property, decide whether you want to seek professional advice about completing your estate planning. » MORE: Show you're thinking about them with the perfect sympathy giftĢ. Give thought to whether you want to make any charitable contributions.Think about whether there is anyone you think should not have access to your money or property.Pick someone you want to handle your affairs after your death.Decide who should receive your property.
Have you done everything you can to provide for your family after your death? You might not like to think about it, but you want everything for your family to go on as smoothly as possible after your death.
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