#Estate planning checklist for lawyers how to

#Estate planning checklist for lawyers how to

Clients may inquire about how to create a will or a durable health care power of attorney document. Instead, write it down on a separate document and let your family and friends know where the document is and talk to them about your specific wishes. 2, 2020 The coronavirus pandemic prompted many people to contemplate creating or amending estate plans. Don’t put your funeral and burial wishes in your Will. Make a list of all insurance policies, noting their cash. Include the location and contents of any safety deposit boxes or safes. Gather recent statements from your bank, brokerage, and retirement accounts. Wills can take a long time to find after someone dies-and funeral arrangements can’t wait. To start your estate plan: List the value of your home and other real estate along with cars, jewelry, artwork, and other physical assets. Pets can’t legally own anything! If you want to leave things or money to your pet, leave them to the person you named in your Will to take care of them. This is called the right of survivorship. If you are a joint tenant of any asset (like real estate property, or a bank account) your co-owner automatically gets 100% of the asset when you die.

When you die, your insurance payout automatically goes to the beneficiaries designated in the policy-without any direction from your Will.Īs with life insurance policies, pension plan policies also typically already have beneficiaries named. Estate Planning Checklist Unfortunately, procrastination in getting your estate plan in order can lead to a situation in which it is too late to execute documents due to incapacity or death. Whether you use this checklist to draft your own will or prepare for a meeting with an attorney, you will be organized and ready to get it done. Your life insurance policy may already name one or more designated beneficiaries. A comprehensive estate plan includes a financial power of attorney, a medical power of attorney, and an advance medical directive or living will.