Estate Planning Checklist

About Estate Planning Checklist
The estate planning checklist is an important tool implemented for the purpose of estate planning. This checklist includes certain items that should be examined cautiously in order to assure the effective formulation of an estate plan.

The financial advisors can play a significant role in preparing and understanding an estate planning checklist. For comprehending an estate planning checklist, the owners of real estate can avail the help of an attorney, a life insurance consultant, a Certified Public Accountant (CPA), a trust company representative or a tax professional.

Estate planning checklist is prepared according to a needs evaluation. The principal components of a needs evaluation are the settlement cost analysis and estate analysis. The settlement cost analysis sums up the expenses of different estate distribution systems. The estate analysis contains a comprehensive evaluation of the current estate settlement systems.

Items or Questions Covered in the Estate Planning Checklist
An estate planning checklist usually covers the following items or questions:
Beneficiary Designation
Are the names of the beneficiaries listed in the accounts the names of the right beneficiaries?
Are the beneficiary designations uniform with the entire estate plan?

Account Registration
Have the accounts been registered appropriately with the right persons?
In case of a living trust, are the accounts registered in the trust’s name?

Durable Power of Attorney (Healthcare and General)
Has anybody been nominated for taking healthcare and financial decisions on behalf of an individual in case that individual becomes disabled? A Durable Power of Attorney is a crucial document, which enables the estate owner to nominate this person. This is more significant in case there is no living trust.


Establishing a trust is beneficial for the following factors:
Minimizing estate taxes
Regulating the transfer of properties to the inheritors
Avoidance of probate
Bequeathing properties to minors
Safeguarding properties at the time of disability
Gradual requirement of payment of bills and money management

Is there a last will and testament? A will is necessary to assure that the properties are transferred in the mode that the estate owner opted for.

Living Will/Health Care Directive
Are there particular desires about long term care administration? This document is able to communicate these desires in case a person is unable to express them.

Purposes for Preparing An Estate Planning Checklist

The purposes for preparing an estate planning checklist are the following:
Safeguarding the family
Conveying the desires
Decreasing the estate taxes
Safeguarding businesses

More Information on Estate Planning
Estate Planning Services Estate Planning Methods
Estate Planning Certification Need For Estate Planning
United States Estate Planning Probate Estate Planning
Advanced Estate Planning Estate Planning Taxation
Estate Planning Advice Estate Planning Tools
Estate Planning Council Estate Planning Wills
Estate Planning Documents Power of Attorney
Estate Planning Guide Estate Planning Lawyer

Last Updated on : 30th July 2013

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