the esssential estate planning checklist

#The esssential estate planning checklist update

If you are in a marriage or civil partnership, start by having a candid conversation together about your goals for wealth transfer. With that in mind, this checklist of five actions to consider could help make your wealth transfer planning a positive, productive experience, for both you and your spouse. “One positive of having a well-thought-out plan is knowing that those important decisions involving wishes for your family and other beneficiaries are already made,” says Bob Robes, business owner advisory strategist at Wells Fargo Wealth & Investment Management. But getting the process underway now can help you make arrangements for your wishes to be fulfilled while avoiding any unwelcome surprises for your heirs. To learn more about Argent Bridge, call us to schedule a consultation at (833) 568-4900.The estate planning process can be overwhelming, and considering what will happen when you or your spouse passes away can be uncomfortable. The professionals at Argent Bridge Advisors can advise you regarding the best practices for estate planning. Regularly updating your estate plan will ensure that your legacy goes to the intended recipients. Changes will not be made unless you initiate them.

#The esssential estate planning checklist update

Once you’ve finalized your plan with your attorney, you need to only periodically update your estate plan.ĭo this when there is a major life change (marriage/divorce, birth/death, etc.) and update your beneficiaries as needed. Copies of these documents need to be kept in your records. This essential task may be overlooked once you’ve completed your estate planning checklist.Īssets included in living trusts need to have their titles changed to reflect an ownership change. Make sure beneficiaries are consistent with your estate plan by checking your insurance and retirement accounts. Not doing so may disrupt the transfer of these funds to the intended recipient. This will include setting up trusts, creating medical and financial powers of attorney, if needed.īear in mind that living trusts need to be funded immediately in order to take effect. Meet with your attorney and finalize your estate plan and will. To whom will you give the responsibility of distributing your assets?.Who will manage your affairs in the event that you’re incapacitated?.If you have minor children, whom will be their caregivers? How much will they need to be cared for in terms of education and day-to-day expenses?.

To whom do you want your assets given? In what percentages?.

Consider these questions as your meeting approaches, noting any answers you’re unsure about. Set a date to meet with a lawyer thatspecializes in estate planning. Once you’ve done this, you’re ready for the next part of the four important estate planning factors.

List the locations of valuables and safety deposit boxes & contents.

Liabilities including mortgages, lines of credit, & any other debts.

Insurance policies, their payouts, & death benefits.

Statements from bank accounts , retirement accounts, & investments.

Values of your home & any other real estate.

Let’s take a closer look.īefore you can protect your legacy, you will want to know what documents are needed for estate planning. While the business of estate planning may be daunting, we’ve created a checklist that highlights the most important tasks.