Estate Planning Checklist

Who needs estate planning? EVERYONE - Needs and complexity vary, but estate planning is applicable for everyone.

What is an estate plan? At a basic level, an estate plan includes legal documents that cover:

1. Directing distribution of assets at death.

   1. Personal belongings

   2. Home, car, & other property

   3. Financial accounts that do not pass by beneficiary designation.

2. Delegating decision making authority.

   1. Guardianship for minor children.

   2. Medical choices in the event of incapacity.

   3. Financial authority in the event of inability to manage for oneself.

   4. Naming an executor who will oversee the distribution of assets.

These are accomplished through a combination of the following documents:

• Last Will & Testament

• Advanced Healthcare Directive aka Living Will

• Durable Power of Attorney

• Medical Power of Attorney

• Trusts when applicable

Items to bring or share with the attorney:

1. A general vision of what you want reflected in the estate plan. It's even ok if you're not sure of the details yet. A good estate planning attorney can walk through the options with you.

2. An accurate balance sheet – we can help you download one from your client dashboard.

3. Existing estate planning documents.

4. Why you are revisiting and revising documents (if applicable).

5. Any long-term charitable intent.

6. Names & contact information for individuals to be named as beneficiaries or agents in your documents.

7. Property in another state.

8. Business ownership, agreements, or any other legal document that outlines ownership of other assets.

General questions to ask your attorney:

1. Can you explain probate to me and what it entails?

2. What would be reasons I should or should not consider a revocable trust? 

3. How should I complete a contingent beneficiary designation form for retirement accounts and insurance policies to ensure consistency with my estate planning documents?

After your documents are completed:

1. Share a copy with Bridge Financial Planning so we can help with #2 & #3 below.

2. Update account titling as appropriate.

3. Update beneficiaries on retirement and life insurance accounts as appropriate.

4. Ensure the individuals you have chosen to act on your behalf are aware and either have a copy of or can access the necessary documents.

Prompts to review or update your estate plan:

1. When your wishes and desires change.

2. Changes to marital status, births, deaths, & other family changes.

3. When you move states – laws vary from state to state.

4. When you become aware of policy and/or tax law that impacts your plan.

5. At least every few years to ensure your current wishes are reflected.