Estate Planning Checklist (5 Things You Can Do Today)

A BIG thank you to Trust & Will for sponsoring today’s post and Estate Planning Checklist!

Estate Planning Checklist

Whether you’re just starting a family, cruising through mid-life, or basking in the golden years, planning for the future is always important! That’s why I’ve put together this Estate Planning Checklist to help you be prepared and organized for unexpected scenarios.

There is no need to wait. Now is the best time to get organized and prepare for the future with this essential Estate Planning Checklist!

Here are five practical ways you can get started today…

#1: Name a Legal Guardian for Your Children and Pets

If you have a baby-on-the-way or children under 18, you’ll want to name a legal guardian for your children. You also have the option to nominate a guardian for any pets you have.

If you pass away, your legal guardian becomes responsible for taking care of your pets, and children until they turn 18.

If no legal guardian is named, you will then be leaving it up to the courts to decide who will look after your children and pets. Yikes!

You may want to consider naming close family or friends as legal guardians. Just be sure to check with them first and confirm that they agree to the terms, so no surprises are thrown their way.

#2: Add Beneficiaries to Your Financial Accounts

Another important item on your estate planning checklist is to add beneficiaries to all of your financial accounts.

A beneficiary is the person you want to give a certain item to, like the proceeds from your bank account or your life insurance policy.

If you were to die, your beneficiaries could show legal forms of ID, comply with any other requirements for each institution, and then be able access your accounts right away.

If no beneficiary is named on your bank accounts, your remaining financial holdings will likely then have to go through probate court proceedings, which sometimes can be quite a lengthy process.

So take the time today to add beneficiaries to your bank accounts, credit union accounts, investing accounts, etc.

I actually took the time a few years ago to add beneficiaries to all of my bank and brokerage accounts. I found the process to be fairly quick and easy. In fact, it often only took a minute or two per account!

#3: Inventory Your Belongings

Once you’ve added beneficiaries to your accounts, you’ll want to make a comprehensive list of all your other valuable assets.

This list will help you make sure everything is included when planning your estate.

For your financial assets, you’ll want to include any on the list that don’t already have a beneficiary selected:

• Checking accounts
• Savings accounts
• Investment accounts
• Life insurance policies

Then add to that list all of your other major assets, other than cash, like:

• Boat
• Car
• Real Estate* (current house, additional property or land)
• Valuables

Now make a list of any special treasures you’d like to pass on to your children, grandchildren, siblings, friends, etc. Consider things like…

• Antiques
• China set
• Family heirlooms
• Jewelry
• Pets
• Piano

Once you’ve created a comprehensive list of what you have, make sure to double check the list to make sure you haven’t mistakenly left anything out. Like a special coin collection… or a pet!

*NOTE: To decide how you want to handle your home and other real estate when planning your estate, it’s important to know how you hold title.

In Arizona, my hubby and I hold title to our home in such a way that if one of us were to die, the entire ownership of the home would transfer to the surviving spouse.

Do you know how you hold title to your home?

If not, simply dig up a copy of your title from the closing documents you received when you purchased your home. If you can’t find a copy of your title, you can also usually request a copy from your local county recorders office.

Then contact a local real estate lawyer or a local title & escrow company, depending on the state you live in. Ask them to help explain to you how your title policy works.

It’s important to know whether or not ownership of your home would transfer to someone else if you were to die.

Ultimately, if you are unhappy with your current title policy, you may consider taking out a new title policy that better reflects your wishes.

#4: Create a Will

Now that you’ve named a legal guardian, added beneficiaries to your financial accounts, and inventoried your belongings, it’s time to create your Will!

It may seem intimidating at first, but thanks to Trust & Will, preparing your Will is easier than you think!

Trust & Will is such a budget-friendly and cost effective option, too. In fact, the starting price for a Will is less than $100!

They even provide an option that will allow you to make changes to your Will, as your needs and assets change over time. The best part is that you can create your Will in as little as 10 minutes!

Once you’ve created your Will, you may want to also consider writing up a Statement of Desires to include with your Will.

A Desire Statement isn’t really a legal document, but it can be helpful if you include things like… how to contact your family, your desires for your burial, where the key to your safe is located, the location for the secret pirate gold you’ve buried, etc. 🙂

Finally, it’s really important that you store your Will in a secure location, like a safe deposit box or a fireproof safe.

You may want to also consider sharing the location of your Will with the beneficiaries and legal guardians you’ve selected. After all, a Will that no one knows about and that no one can find will not be very helpful.

#5: Consider Setting Up a Trust

So why should you consider setting up a trust?

Well, a trust basically allows you to specify how you would like your assets to be distributed, while also ensuring that your assets stay out of probate court.

Avoiding probate is usually a very good thing, as it will likely save your loved ones both time and money. In fact, the probate process can take months and even years to complete… yikes!

The good news is that you can easily set up a trust online with Trust & Will… it’s quick, convenient, and their support team is available if you have any questions. Your trust will include:

• Revocable Living Trust
• Schedule of Assets
• Last Will & Testament
• HIPAA Authorization
• Living Will
• Power of Attorney
• Trust Funding Guide
• Certification of Trust

Estate planning really can be so much easier than you think!

So what are you waiting for? Go learn more about the helpful tools at Trust and Will, and take some time today to invest in the future!

I hope this Estate Planning Checklist that I’ve shared can help you get started. However, if you still have questions about estate planning, it’s always a great idea to give your family lawyer a call for advice.

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So what steps have you taken so far to start planning for the future?

Leave a comment & share!