28 May Estate Planning – Easy Checklist
Estate planning is not just for high net worth families; it is required by every individual. With a proper and current estate plan, you can dramatically reduce the added strain to your executor caused by the legal and financial issues surrounding the settling of an estate.
A few simple questions can help you to determine if you are on the right track:
Setting your goals and objectives
- Have you specified how your assets are to be distributed?
- Will there be a source of income for your family when you die?
- Will there be a source of income if you are disabled?
- Do you know your income at retirement?
- Do you know the tax exposure on your estate?
- Do you know how taxes will be paid?
Taking an inventory of your estate
- Are all of your important papers together?
- Does your executor know where they are located?
- Do you have a will?
- Do you need/have a trust agreement?
- Do you have a buy-sell agreement for your business?
- Do you have a current net worth statement?
- Have you chosen your executor and informed them of your choice?
- Have you explained your expectations?
- Have you made funeral plans?
- Have you discussed them with your family?
- Have you had a family meeting to talk about your estate plan?
- Has your family met your professional advisors?
- Does your family know you you’ve appointed as your executor?
- Is your life insurance beneficiary information up-to-date?
After a recent family death, the importance of being organized was made apparent. Easing your family’s burden in the event of your pre-mature passing can be a gift to your loved ones.