Free estate planning checklist update#

Be sure to choose whether you want a durable or non-durable power of attorney.įile a POA 3.Outline what you would like to happen with your finances in the event that you are incapacitated.Choose a financial power of attorney that you trust to make critical financial decisions for you.List out all assets you'd like distributed and the beneficiaries of those assets.Include the name of the executor of the will (this individual will be responsible for carrying out the terms of the will you've written out).It's a good idea to have a master document that lists out all of this information ( Ever Loved's key information checklist is an easy place to keep track of all this). Now that you have an understanding of what the forms mean and what type of information is important for estate planning, you can follow this simple estate planning worksheet to make sure your affairs are in order.

Free estate planning checklist update#

For example, you may need to update your will if you get married, have children, or experience other major life changes. Review your documents regularly and make changes as needed. Once you have your estate planning forms in order, it's important to keep them updated. You can find estate planning forms online or through an attorney. Trusts don’t make sense for everyone, so you’ll want to figure out if this is right for you and your loved ones. There are many different types of trusts, but they all have one common goal: to help you manage your assets and distribute them according to your wishes. Trust: A trust is a legal entity that can hold assets on behalf of beneficiaries.Living will/advance directive: A health care proxy, also called a living will, is a legal document that appoints someone to make medical decisions on your behalf if you are unable to do so.This can be helpful if you become incapacitated and are unable to make decisions for yourself. Power of attorney: A power of attorney is a legal document that gives someone else the authority to make financial and legal decisions on your behalf.You can also use a will to appoint a guardian for your minor children. Will :A will is a legal document that outlines your wishes for how your assets will be distributed after your death.In general, you should have the following forms filled out and filed somewhere safe: Estate planning formsįollowing is an overview of some of the important forms you'll need to get started with estate planning. Here's an estate planning checklist that includes some of the important estate planning forms you'll need to fill out. It can be overwhelming, but it’s important to start somewhere. Start your estate planningĮstate planning involves a lot of document preparation and decision making. If something happens to you and your spouse, it’s important to have a plan in place for who will care for your children, what will happen to your funds, who is responsible for making decisions on behalf of your children, etc.įinally, estate planning can help you control how and when your assets are distributed. By doing some estate planning now, you can save your loved ones time and money later.Įstate planning is also important for people who have minor children. Additionally, the probate process can be long and costly. This may not be in line with your wishes. If you don’t have a will or other estate planning documents, the state will determine how your assets are distributed. Probate is the court-supervised process of gathering your assets, paying your debts and taxes, and distributing your assets to your beneficiaries. When you pass away, your estate will likely go through a legal process called probate (not all estates go through probate). Everyone has an estate, even if it’s just a few personal belongings. Storing important digital documents securelyĮstate planning is important for everyone, regardless of the size of their estate.Instructions for what to do with your social media accounts.Determining who will be the executor of your estateĪnother facet of estate planning is digital estate planning, which includes things like:.Naming beneficiaries for your retirement accounts and life insurance policy.

It involves making decisions about who will receive your assets, how they will be distributed, and when they will be distributed. What is estate planning?Įstate planning is the process of preparing for the transfer of your assets after your death. It also helps you feel prepared and reassured that your loved ones will be cared for as you'd like them to be. Having a good estate plan will eliminate the burden on your family to track down all of your accounts and will make your executor's job much easier. Purchase from another business, we may receive payment.Įstate planning is an essential part of preparing for the end of life and ensuring your family and loved ones experience as little stress as possible.