Estate Planning Checklist
Now that you've prepared a notebook or other record of your plan, use the following checklist to be sure you've covered everything:
You've listed your property and the persons to support.
You have a will and/or codicils and a memorandum covering your plans.
You've considered and possibly established a revocable or testamentary trust.
You've named a guardian for your minor children.
You've made arrangements for any pets you may have.
You've executed a durable power of attorney in the event of your incompetence.
You've executed a living will or health care directive, have selected an agent to make medical decisions for you, have completed a HIPAA document and have given a copy of your directives to your agent.
Your funeral plans are in place.
Your family knows where to find your documents.
Other things you might want to include in your notebook:
Physical location of keys — to home, car, safe-deposit box, storage
List of safe-deposit box contents
Location of bank statements, tax records, brokerage or retirement accounts, and contact numbers
Any prenuptial agreements; note location of original
List of credit card companies, numbers, location of cards
List of any automatic payments being made to credit cards or bank accounts
Copy of home insurance, auto insurance, vacation home insurance
Any military papers and contacts in event of benefits
List of doctors and any medicines in the event of your incompetence
List of any debts owed to you
These suggestions are just that, and are not all-inclusive. The idea is to anticipate anything your family may need to deal with when you are gone, and to take steps to provide the necessary information to smooth their way in the days following your death.
There is no one right plan. Learning the rules will help you choose the best legal documents and types of property ownership that will meet your goals for your family, the charities you want to support, and your own legacy.
The death of a loved one who has not left a plan can create untold hours of work and anguish for heirs. By creating your own plan, you are making sure your family won't suffer additional stress by having to figure out what you wanted. Congratulations to you for taking the time to prepare your plan — you have made a generous gift to your family!
