Estate Planning Checklist

Take Inventory

Think of everything you own of value and write it down. Keep a list of all your assets and keep it up-to-date. Maintaining an accurate and current list of your assets and liabilities ensures that your estate plan reflects your complete financial picture.

Items to consider:

• Vehicles
• Homes and Land
• Jewelry
• Furniture
• Collectibles
• Bank Accounts
• Retirement Accounts
• Bonds and Annuities

Also, list things that take away from your estate:

• Mortgages
• Credit Cards
• Other Debt

 List Your Family Members

Listing your family members gives you a visual of who you want to take care of and what you want them to receive upon your death. Remember your pets too!

Designate your Executor

An executor is someone who will handle the instructions in your will after you pass.

Things you should consider when picking your executor are:

• Someone close to you
• Someone that you feel is responsible
• You might want to consider someone younger
• Someone you feel is mentally and emotionally capable to handle executing your wishes

Designate your Beneficiaries

A beneficiary is a person or legal entity designated to receive financial funds, assets, and/or property from an individual through the provisions outlined in a will.

Remember to name some backup beneficiaries for your assets in case your first choice possibly passes before you. This added layer of precaution makes sure that your assets are handled according to your wishes even in unexpected situations, providing a safety net for your loved ones.

Your assets include:

• Retirement accounts
• Life insurance policies
• Bank Accounts
• Properties

Designate a Power of Attorney (POA)

Your power of attorney should be someone you trust explicitly to follow your wishes precisely when you are incapable of acting on your on behalf.

Consider a POA for:

• Financial; someone who can handle your financial matters if you are unable to. This can be accessing your bank account and paying your bills.
• Healthcare; someone who will make medical care decisions on  your behalf when  you are unable to. Do you want to be kept on life support? Make sure your feelings are known on medical care you would like to receive if the worst should happen.