Your estate includes both tangible and intangible assets. Here's a checklist of the essentials to get you started: 1.Create a list of assets Speak with licensed estate planning advisor BOOK MY CALL Estate Planning ChecklistĬreating estate plan may appear difficult, but it doesn't have to be. The provision for a financially irresponsible family member also reduces the probate fees and estate taxes upon death. Safeguards your assets against creditors or in the event of divorce.Name of the person who, if you become incapacitated, will make medical and personal care decisions on your behalf.

Name the individual who will manage your funds if you become incapacitated.

Names a guardian for any minor children.

It also performs the following functions: Yet, a smart estate plan accomplishes much more.

An estate plan guarantees that your assets are distributed according to your wishes. You cannot take your estate with you when you die, but you do have control over what happens to it. While certain debts might be passed on to your estate after your death, the value of your estate when you die is the sum of your assets minus any such debts. Your estate is the net value of everything you own, such as your: Estate planning is the process of drafting a strategy for the management and distribution of your estate after your death.

Estate planning checklist