Estate Planning as a Career

Estate Planning Phase II… Checklist

Most individuals do not put estate planning or budgeting in writing. In a previous article on the planning process we discussed putting things in writing and updating as the need arises. Phase II you will need to complete is the estate planning checklist. Put this information in a separate book for your records.

You need to have a current will or trust, establish your living wills, make provisions for executor/executrix of your estate, assign a guardian for your children (in the event of simultaneous deaths), name all beneficiaries, and assign any successor trustees (like a bank trust department). Wills, which only become effective after death, and trusts should be reviewed every three to five years. You can find all of this outlined in my book in a fill in the blanks format, and complete with explanations .

Furthermore, a will does not provide for incapacitation (the ability to make short-or long-term decisions for yourself); it becomes court appointed in which case the court makes financial decisions on your behalf. Your IRA or 401K beneficiary designation can and will override your will or trust, so make sure you have spelled out what you want. In addition you need proper health and investment proxies, and power of attorney for you and your spouse (each of you has one) to provide direction for and control of your financial decisions. You will also need the following:

Safekeeping for children’s and your and your spouse’s original birth certificates

Life insurance for estate taxes and living expenses for surviving spouse

A copy of your trust or will with all proper insurance policy numbers, brokerage accounts, bank accounts, annuities, and any other investments deemed important-and a video of your wishes to leave no doubt of your intentions-with your attorney or executor

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