Estate Planning Checklist: Create An Estate Plan

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Estate planning is a big job, and it can be overwhelming. But it doesn't have to be! Here's a checklist of the steps you need to take to create an estate plan, so you can start thinking about your future with peace of mind and confidence.

1. Get legal advice

This first step is important because it will help you know what steps are required by law. You can find an attorney through a friend or family member who has had experience in this area, but if you don't have access to someone, there are many online resources where you can search for a lawyer without an upfront fee.

2. Put together a living trust

A living trust is a document that allows for your assets to be protected from creditors, such as attorneys' fees or judgments against them after death. It also allows assets that may not be subject to federal estate taxes (such as certain kinds of retirement accounts) to be sheltered from state inheritance taxes as well.

3. Create an inventory of your assets

This will help determine which assets are worth more than others and help you decide what should go into which categories (i.e., cash vs property).

 

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Name beneficiaries
Decide who will receive your assets after you pass away. This can include family members, friends, charities, or other organizations that you want to support. It's important to review and update your beneficiaries regularly to make sure your wishes are reflected accurately.
Consider a power of attorney
A power of attorney is a document that appoints someone to make decisions on your behalf if you become incapacitated or unable to make decisions for yourself. This can include decisions about healthcare, finances, and other important matters.
Make a plan for your digital assets
In today's digital age, it's important to include digital assets like online accounts, social media profiles, and digital files in your estate plan. Consider designating someone to manage or close these accounts after you pass away.