Estate Planning Essentials
Estate planning is crucial for ensuring your family’s well-being in the event of your incapacity or passing. To help you prepare effectively, review the following checklist. If any items are unresolved, it may be prudent to consult with an estate planning attorney promptly.
1. Account Registration: Ensure your accounts are registered correctly with the appropriate individuals listed. If you have a living trust, have you transferred ownership of your accounts to the trust?
2. Beneficiary Designation: Verify that the beneficiaries named on your accounts are still accurate and aligned with your overall estate plan.
3. Health Care Directive/Living Will: Have you documented your preferences regarding life-prolonging treatments? This directive ensures your wishes are known and followed if you cannot communicate them yourself.
4. Durable Power of Attorney (General and Healthcare): Have you appointed someone to manage your financial and healthcare decisions if you become incapacitated? A Durable Power of Attorney grants authority to make these crucial decisions on your behalf.
5. Will: Do you have a valid last will and testament? A will is essential for specifying how you want your assets distributed after your death.
6. Trust: Are you concerned about estate taxes, avoiding probate, or controlling asset transfers to heirs? Consider establishing a trust, which can also protect assets during incapacity and ensure effective management of finances and bills.
Ensuring these aspects of your estate plan are in order provides peace of mind and clarity for your loved ones during challenging times. If any of these items are not addressed, consulting with an estate planning attorney can help you create a comprehensive plan tailored to your needs.
Your ShindelRock tax professional can recommend an estate planning attorney if you do not already have one, and we can also work with your attorney to help determine which of these items would be appropriate for your situation.