A Checklist for Estate Planning

f you're smart enough to be on the Internet, you're smart enough to know that you should have an estate plan. Yet six of every 10 Americans don't even have a will. These people say they don't have the time or they don't want to think about their deaths or that the various state and federal tax laws intimidate them. None of these are good reasons.

Here's your estate-planning checklist to get your house in order:

It's important to keep in mind that your estate planning needs are probably much less complicated than they seem, even if they don't include all of the topics touched upon here.

The value of a checklist is that you can better evaluate your attorney's competency (and demonstrate your knowledge, which always keeps them on their toes). It also makes you better able to judge the value of a software program, and it hopefully keeps you from making some big blunders. But remember, the biggest blunder of all is not having the right estate plan for your needs.

			ESTATE

			A Checklist for Estate Planning Ginger Applegarth Decision Center

	.......................................... WEB LINK Ask the Experts		f you're smart enough to be on the Internet, you're smart enough to know that you should have an estate plan. Yet six of every 10 Americans don't even have a will. These people say they don't have the time or they don't want to think about their deaths or that the various state and federal tax laws intimidate them. None of these are good reasons. Here's your estate-planning checklist to get your house in order: n First and foremost, prepare your will. If you die without a will, your estate ends up in probate court and your heirs will not be amused. n If you're 21 or older, make sure you have not just a will, but a durable power of attorney and a health care proxy. n Most of the estate planning software packages available today at least give you a good start on your estate plan, and completing them gives an attorney the necessary information and saves you time and billable dollars. If you create legal documents with a software package, make sure your attorney reviews them. n Make sure your will is notarized and has the correct number of witnesses. Laws vary from state to state on this. No beneficiary should ever sign as a witness. n If you already have an estate plan, you should always review your plan in cases of divorce, death of a spouse, adoption, birth of each child, moving from one state to another, receiving a windfall, marriage, or remarriage. n Make a list of all your assets and all your liabilities. Your liabilities will have to be paid at your death. What's left over, minus administrative and probate costs, is what your beneficiaries will get. Decide who gets what, and in what proportion. n Name an executor who will manage your estate from the time of your death until the time that your assets are distributed. This is a big job, so make sure the person has the time and the ability to do it. n Choose a guardian for your children. n You may receive several copies of your documents. Only have one set of documents signed, witnessed and notarized. Keep the others for your files. n Your estate planning should be reviewed every few years, even if your situation is pretty much the same. Laws change constantly, and your planning may be out of date. n Do not keep your insurance policies in your safe deposit box. This delays filing for death benefits. n There are three kinds of joint ownership. If you die, your share does not automatically go to the other owner. Make sure you have the right kind of joint ownership for your needs. It's important to keep in mind that your estate planning needs are probably much less complicated than they seem, even if they don't include all of the topics touched upon here. The value of a checklist is that you can better evaluate your attorney's competency (and demonstrate your knowledge, which always keeps them on their toes). It also makes you better able to judge the value of a software program, and it hopefully keeps you from making some big blunders. But remember, the biggest blunder of all is not having the right estate plan for your needs.
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