Estate planning checklist for seniors

What are the steps to take during estate planning ? What steps absolutely need to be taken, and what is the checklist to ensure that you have taken the right steps in your senior citizen estate planning ? Most of us have heard of a will. Estate Planning Checklist for Seniors 1. Ask yourself why you’re creating this plan. While that briefly covers the primary part of estate planning , it can be much more in depth based upon your wishes.

Within your estate plan , include any values and traditions you would like to pass on, as well as directions for your personal care if you become unable to make your own decisions prior to passing. An estate planning checklist is a guide on how to plan an individual’s end of life care and their assets if they should become incapacitated or die. By following the checklist , an individual can get an idea of the estate laws in their State and choose which forms suit their personal financial situation best. This will allow a person to decide who they would like to handle their personal finances if they should not be able to themselves. To start your estate plan: List the value of your home and other real estate along with cars, jewelry, artwork, and other physical assets.

Gather recent statements from your bank, brokerage, and retirement accounts. Include the location and contents of any safety deposit boxes or safes. To learn more about the basics of estate planning , check out this estate planning checklist.

Step 1: Cover the Basics A well-laid plan should consider the circumstances of both death and disability of the plan ’s author.

I compiled a 14-point checklist to help create a sound estate plan , but first, if you don’t have an attorney who specializes in elder law , I strongly recommend that you get one. You might assume that estate planning applies to only wealthy people, not ordinary people. In fact, estate planning is for everyone. We demystify estate planning and how and when to do it. Armed with these facts, you can help the older adults in your life start estate planning or, if they have already starte make sure everything is in place.

It’s a good idea to discuss your plans with your loved ones and the execu tor of your will. You’ll also want to consult with your legal, financial and tax advisers. Determine your goals and why you’re creating an estate plan. Consider the risks.

The first part of creating an estate plan is simply getting organized and accounting for what you own and owe, and where you have all your important documents. Ideally, seniors should review these legal documents annually to ensure their estate planning objectives remain up-to-date. Here is a helpful checklist to get your started. However, any familial life changes - like a birth, death, moving to a new state, or divorce - or a significant change in assets should prompt a review to ensure a senior’s needs are still adequately covered by existing documents. A will allows you to determine what happens to your money and possessions when you die, and who becomes the guardian of your minor children.

Make or update your will. Otherwise, state laws and courts make those decisions for you. The phrase estate planning may sound like an exercise for the very rich, but thanks to the complicated nature of the U. Before starting the estate planning checklist , people should first complete an inventory of all their assets.

That includes bank accounts, 4(k), individual retirement accounts and other.

Preparation of income tax returns and tax planning. It is important to have a basic estate plan in place. Manage real estate and other property. In addition to financial matters, an estate planning checklist should also consider the guardianship of any minor children, and medical treatment planning. Asset Ownership Any asset that has title documents (real estate , motor vehicles, etc.) can be set up so that upon your death the title automatically passes to a co-owner.

That is why we have created a super simple 21-step estate planning checklist. Save time, protect assets, and avoid distress with a well–planned estate. But our ultimate planning checklist will help you get organized painlessly.

On the contr ar y, often families avoid discussions about the futur e simply because they don Õt want to think about changes in the lives of the people they lo ve the most.