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Part One: Plan for Possible Incapacity Action Date assigned Date completed Sign a health care directive Sign a power of attorney for finances Part Two: Organize Records Action Date assigned Date completed Obtain a storage system • Binder or file folders • Home safe Gather vital documents • Passports • Birth certificates • Adoption records • Marriage certificates • Divorce documents • Military records • Citizenship documents • Social Security cards or records • Death certificates of family members Gather recent statements, make a list of financial assets, account numbers, and how accounts are titled • Bank accounts • Brokerage accounts • Mutual funds • IRAs and other retirement accounts • Insurance policies List advisors' names and contact information • Estate planning attorney • Other attorneys • Tax advisors • Insurance professionals • Business managers • Bankers
Action Date assigned Date completed Make a list of personal property, value, and location • Jewelry • Artwork • Automobiles • Collectibles • Other Make a list of real estate, location, value, and how title is held • Personal residence • Other residences • Rental property Make a list of liabilities: creditors and amounts owed • Mortgage • Credit card debt • Other outstanding loans Gather employment, business, and membership information • Name and contact information of current and former employers • Employee benefits information • Business documentation and succession planning • Membership organizations (professional, civic, educational, social, religious, recreational, charitable) Make a list of medical and other service providers • Primary care physician • Specialist doctors (cardiology, oncology, dermatology, etc.) • Home health aides • Dentist • Eye doctor • Pharmacy • Household help (cleaners, gardeners, etc.) Make a list of people to be called immediately after death • Employer • Family members • Advisors • Friends Make a list of people to be called immediately after death • Employer • Family members • Advisors • Friends
Action Date Assigned Date Completed Make a list of digital devices and passwords • Personal computers • Cell phone • Tablet or iPad • Internet service provider • Email accounts • Cloud storage services Make a list of online accounts: URLs and passwords • Bank accounts • Brokerage accounts • Retirement accounts • PayPal • Newspaper/magazine subscriptions • Online shopping (Amazon etc.) • Facebook, Twitter, LinkedIn • Other Plan for possible disaster • Contemplate most likely disaster in your area (fire, flood, earthquake) • Build emergency/evacuation kit • Consider extra insurance Consider funeral/memorial plans • Body organ donation • Burial or cremation • Consider prepaid plan • Write out information for obituary Write a letter explaining what next-of-kin should do immediately after death • How to get into the house • How to access mail • How to take care of pets • How to access appointment calendar • How to access safe deposit box (for co-owners, executors, and trustees) Assess potential estate taxes • Determine value of taxable estate • Prepare for appointment with attorney/tax advisor to discuss estate tax reduction strategies
Part Three: Identify Beneficiaries Action Date assigned Date completed Make list of family members including name, birthdate, relationship, and contact information for spouse (and former spouses), children, grandchildren, parents, siblings, aunts, uncles, cousins, and close friends Ensure sufficient income for surviving spouse Appoint guardian for minor children if applicable Hold family meetings: Discuss estate-planning ideas with family members to determine needs and start preparing them for inheritance Hold family meetings: Discuss estate-planning ideas with family members to determine needs and start preparing them for inheritance Consider lifetime gifts to family members (education funding, business startup funding, annual gifts) Decide how assets will be distributed among family members and others after death Consider charitable gifts – research charities, determine best way to leave assets (lifetime or testamentary bequest, some form of trust), identify best assets to give (e.g., appreciated assets) Decide who you want to serve as executor of your estate (and/or trustee if using trust) Start preparing beneficiaries to manage finances (spouse) and/or preserve and manage inheritance (children/grandchildren) Part Four: Formalize Estate Plan Action Date assigned Date completed Meet with attorney for advice on how to ensure complete transfer of assets according to wishes, as well as avoid probate and reduce or eliminate estate taxes Work with attorney to oversee the completion and signing of estate planning documents (trust, will) Ensure accounts are titled properly (use of POD, TOD, JTWROS as appropriate) Check beneficiary designations on IRAs, retirement accounts, and life insurance policies Set up annual gifting program, if recommended
Action Date assigned Date completed Write letter to loved ones explaining the thinking behind will/trust instructions Securely store estate planning documents and distribute copies as appropriate Part Five: Create Legacy Action Date assigned Date completed Work on Legacy Planning Worksheets Ongoing Ongoing Gather and organize family photos Write letter(s) to loved ones Ongoing Ongoing Part Six: Monitor and Manage Action Date assigned Date completed Notify advisors of family events as they happen: births, deaths, marriage, divorce Notify advisors if move to another state; laws may be different, documents may need to be revised Periodically review choices for health care agent, person named on POA for finances, executor or trustee named in will or trust; amend or execute new documents if necessary Periodically consider all beneficiaries, make sure documents are updated if want to change
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