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Simple DIY Estate Planning Checklist



Estate planning is an important process that involves creating a plan for the distribution of your assets and property after you pass away. It's essential to have a comprehensive estate planning checklist to ensure that your wishes are carried out and your loved ones are protected. Here is a long estate planning checklist from Form America to help you get started:

  1. Gather important documents: Collect all necessary documents, such as deeds, bank statements, investment accounts, insurance policies, and retirement accounts.

  2. Determine beneficiaries: Identify the people and organizations you want to inherit your assets.

  3. Create a will: Draft a legal document that outlines your wishes for the distribution of your assets and the care of your dependents. Form America creates self proving wills on a flat rate basis for all 50 States which are legally binding and designed to sail through probate.

  4. Consider trusts: Determine whether a trust is necessary to protect your assets and provide for your beneficiaries. Most people do NOT need a trust, but most lawyers and financial advisors recommend them anyway because they generate great fees for the lawyers and financial advisors.

  5. Designate an executor: Choose a person who will be responsible for managing your estate and distributing your assets after you pass away.

  6. Name a guardian: If you have minor children, designate someone to be their legal guardian.

  7. Assign power of attorney: Choose someone to make decisions on your behalf in the event you become incapacitated.

  8. Create a living will/advanced medical directive: This document outlines your medical wishes in the event you become unable to make decisions for yourself.

  9. Review and update beneficiaries: Regularly review and update the beneficiaries of your retirement accounts and life insurance policies.

  10. Consider long-term care: Determine whether long-term care insurance is necessary to protect your assets and provide for your future care.

  11. Consult with a financial planner: Seek advice from a professional to help you create a plan that addresses your financial goals and objectives.

  12. Review tax implications: Understand the potential tax implications of your estate plan and take steps to minimize your tax liability.

  13. Plan for business succession: If you own a business, create a plan for the succession of the business after you pass away.

  14. Consider charitable giving: Determine if you want to donate any assets to a charitable organization and make appropriate provisions.

  15. Communicate your wishes: Discuss your estate plan with your loved ones and ensure that they understand your wishes.

  16. Review and update your estate plan regularly: Regularly review and update your estate plan as your circumstances and wishes change.

  17. Consider Final Expense Insurance, which is a tiny life insurance policy with immediate conversion to help your family pay for your funeral even while your estate is in probate.

Estate planning is a complex process that requires careful consideration and attention to detail. A comprehensive estate planning checklist can help ensure that your wishes are carried out and your loved ones are protected. By taking the time to create a thorough estate plan, you can help minimize the stress and uncertainty that can accompany the loss of a loved one. Form America has a FREE more comprehensive planning binder we can send you free of charge just for asking. Email help@formamerica.com and ask for the free Estate Planning Tool.


© Form America LLC 2023. All rights reserved. Please do not reproduce without attribution.








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