How To Create Your Estate Plan - A Checklist

1. Take Inventory of Your Assets

• List all tangible assets (real estate, vehicles, jewelry, etc.).
• Include intangible assets (bank accounts, investments, retirement accounts, life insurance policies).
• Document debts and liabilities (mortgages, loans, credit card balances).

2. Define Your Goals

• Decide how you want your assets distributed.
• Identify any special provisions, such as caring for minor children or dependents with special needs.
• Consider your charitable giving intentions, if any.

3. Choose Your Beneficiaries

• Specify who will inherit your assets (family, friends, charities).
• Assign contingent beneficiaries in case your primary choices are unable to inherit.
• Update beneficiary designations on accounts like 401(k)s and life insurance policies.

4. Appoint Key Roles

• Executor: Someone responsible for carrying out the terms of your will.
• Guardian: If you have minor children, designate someone to care for them.
• Power of Attorney (POA): Assign someone to manage your finances or make healthcare decisions if you become incapacitated.

5. Draft Essential Documents

• Will: Specifies how your assets are distributed and names guardians for minor children.
• Trusts: Create a living or irrevocable trust to avoid probate or provide specific asset management.
• Healthcare Directive: Include a living will and healthcare power of attorney.
• Durable Power of Attorney: Assign someone to manage your financial affairs if you’re unable to do so.

6. Plan for Taxes

• Review federal and state estate tax thresholds.
• Use trusts, gifting strategies, and charitable donations to minimize tax liabilities.

7. Safeguard Digital Assets

• List digital accounts (emails, social media, banking apps).
• Provide access details to a trusted person or executor through a digital asset plan.

8. Consider Long-Term Care and End-of-Life Wishes

• Plan for potential long-term care needs with insurance or savings.
• Document preferences for medical treatment, organ donation, or funeral arrangements.

9. Regularly Update Your Plan

• Revisit your plan after major life events (marriage, divorce, birth, death, or significant financial changes).
• Review beneficiary designations and account ownership periodically.

10. Work with Professionals

• Consult a SMITH | ASHCRAFT attorney to ensure legal accuracy and adherence to state laws.
• Work with a financial advisor for asset management and tax strategies.

Get Started Today

Estate planning is a crucial step to securing your future and protecting your loved ones. Don’t wait—contact our experienced team today to guide you through the process and create a personalized plan that meets your needs.