Basic Estate Planning Checklist

Estate planning can seem like a daunting task, but it does not need to be. With the right documents in place, you can ensure that you and your loved ones will be taken care of in the event that the worst happens. Here are some of the most basic things you should include as part of your estate plan:

1. [ ] Life insurance policy

   • It is a good idea to have a life insurance policy in place. This can help cover the costs of a funeral, and any other expenses your family may incur as a result of your passing.

2. [ ] Retirement benefits

   • You should keep track of any retirement benefits, and ensure that you have your preferred beneficiaries named in them. When you pass away, your named beneficiaries will receive them in your stead.

3. [ ] List of personal assets

   • You should keep an up-to-date list of all of your major personal assets. These include things like your house and any vehicles you own, any jewelry or other valuables in your possession, as well as any bank accounts or investment accounts you have.

4. [ ] Digital accounts and passwords

   • You should keep track of login information for any important websites or apps your loved ones might need to access after you pass away. This includes things like information to log into your bank, or any site related to your business or professional activities.

5. [ ] Power of attorney

   • Your power of attorney is used to give someone else the power to make legal and financial decisions on your behalf. This will allow them to do things like sign legal documents, pay your bills, or even go to court on your behalf if necessary.

6. [ ] Healthcare proxy

   • A healthcare proxy is similar to a power of attorney, except it grants someone else the power to make healthcare decisions if you become unable to do so yourself. This includes everything from authorizing medical tests and procedures to giving informed consent for surgeries, or even allowing you to be placed on palliative care.

7. [ ] Living will

   • A living will is a document that allows you to decide what medical procedures you would, or would not, consent to in advance. This often includes things such as a Do Not Rescuscitate (DNR) or Do Not Intubate (DNI) order.

8. [ ] Living trust

   • A living trust, also known as an inter vivos trust, serves much the same purpose as a testamentary trust, but takes effect while you are still alive. In addition to helping you distribute your assets, it can also function to limit your tax liability and protect against creditors to an extent.

9. [ ] Last will and testament

   • The most basic element of any estate plan is a last will and testament. This document should lay out how you want your personal property to be distributed, as well as doing things like appointing an executor and arranging for dependents to be cared for.

10. [ ] Testamentary trust

    • In some cases, it may be worthwhile to set up a testamentary trust, which will take effect after you pass away. This functions similarly to a will, but allows for much more in-depth control, which can be appropriate for things like caring for minor children or other dependents.

11. [ ] Funeral preparations

    • To make things easier for your family, it may be a good idea to prepare for your funeral in advance. You may be able to do things like purchase a plot at a cemetery, or make other arrangements to ensure your family does not need to worry about quickly organizing a funeral for you.

If you are interested in planning your estate, contact attorney John Zaher at 631-310-4655 or on his mobile phone at 631-375-8770, where he can be reached 24/7/365. He will help you create an estate plan that suits your needs, so you can ensure you and your loved ones will be taken care of.