#ESTATE PLANNING CHECKLIST FOR SENIORS HOW TO#

Most people put off creating a will, trust, or estate plan because they don’t want to think about their death or feel that death is a long way off. Learn more about advance medical directives

#ESTATE PLANNING CHECKLIST FOR SENIORS HOW TO#

Visit Naming a Trustee is a Big Decision to learn more about how to make the best decision for your estate, and don’t forget that an estate attorney or law firm may be the most objective way to go. A financial head for bills, taxes, payments, etc.Ability to keep on the estate distribution deadlines.The ability to honor your wishes regardless of his/her feelings.The person who should take on that responsibility (and it is a big one, especially for larger or more complicated estates) needs to have a specific skill set: Begin thinking about who the trustee/executor should beĭo not assume that your eldest child, male sibling, or spouse should be the trustee or executor of the estate. Read our post, Which Assets Go Through Probate and Which Don’t for a more detailed explanation. You should also have a list of all of your online accounts and passwords so your trustee/executor can access them and make changes, close accounts, send messages as needed, and so on. Items with specific sentimental value to you or to someone you love.In addition to the obvious financial, retirement, and investment accounts or properties ( Click Here to learn about property memorandums), you also want to include: Assets span the gamut of both tangible and intangible items. You might be surprised with all that you have to pass on to others. Visit our Estate Planning Glossary and bookmark the page as you create your own plan or list of things to go over with an attorney. This area of law has its own terminology so it’s nice to have a clear understanding of common terms and phrases. It is a good idea to keep an estate planning glossary nearby as you move through your estate plan, or review documents and information provided by your attorney.

Putting as much as you can together and discussing some of these main topics or tenets of a complete estate plan makes your time with an estate lawyer more efficient. Here is a checklist of items to consider as you gather your paperwork and get ready to create the first draft of your estate plan. Failure to do so can erase all your hard work if the estate is sent into probate. While you can do a basic DIY will or estate plan, we recommend consulting with an experienced Bay Area estate planning attorney at least once to ensure your documents are legally sound.

Creating a living trust to save money on taxes.

Providing instructions for pets that depend on you.

Completing an advance medical directive.

Choosing a durable power of attorney to handle things if/when you’re incapacitated.

At its most basic, good estate planning ensures your finances, property, collectibles, valuables, sentimental possessions, and other assets are distributed according to your wishes.Įstate plans also encompass a range of other scenarios that can come up in the course of a lifetime, including: Estate planning is an essential part of any adult’s life plan.

Estate planning checklist for seniors