Information contained herein was accurate at the time of posting. Simply contact Franklin Guerrero at 1-80 or to take the next step. We would be happy to talk to you about how you can further our mission with a gift. When you use your estate plan to support the Foundation, you are establishing a legacy of generosity. Take the time to inform your beneficiaries of their status to avoid surprises later.
Work with your estate planning attorney to make any updates.
Include a health care power of attorney to guide your family and health care providers when you are unable to make decisions for yourself. Make sure the titles for your assets reflect your current circumstances and wishes, so they go to the people and organizations you intend. Look over beneficiaries designated for your insurance and retirement plans to make sure you haven’t named a now-deceased loved one or a former spouse. If your dependents were minor children who are now grown, does a guardian still need to be listed? Be sure you are comfortable with the guardian named in your will for those under your care. Check that the executor or personal representative you’ve named is still the qualified individual you want to manage your estate, resolve claims, minimize taxes, and distribute the designated portions to your beneficiaries. Consider the impact of any tax law changes or the decision to add a gift to AARP Foundation in your plan. Review your will, checking for updates that may need to be made because of a change in your life or a beneficiary’s. This checklist can help you prepare, care for others, and manage the distribution of your assets. The underlying question: Does your plan meet your current goals? Use This Helpful Checklist Have you recently celebrated the birth of a new family member? Moved to a new state? Experienced a large financial windfall or a loss? Changed relationship status? They are all good reasons to review your estate plan. Include member numbers, websites, and mailing addresses.ĭetail any wishes you’ve decided on ahead of time.When life changes, your estate plan should too. Some organizations, such as veterans’ groups, may offer death benefits. Make sure your heirs have contact information for your financial professional, insurance agent, estate attorney, accountant, executor, beneficiaries, trustee, and any other people of interest. Include a copy of your latest credit report listing all credit card accounts, even those not actively used. Record all checking and savings accounts, and where to find the safe deposit keys. List assets and liabilities, as well as income and expenses.Ī website or FAQ with details about where to make a claim, potential benefits, and collection options can be helpful for heirs.īank accounts and safe deposit box information Beneficiary designations should be current and aligned with your total estate plan. Unlike estate documents such as a will, these are all considered “contracts you make with a company, and they’re obligated to pay benefits to whomever is named,” Poorman says. 
It’s only effective while you’re alive and gives someone permission to manage your legal and financial matters.
#Estate planning checklist professional
“If you’re unable to make financial decisions, you can name someone to make them for you,” says Stanley Poorman, a financial professional with Principal. Used by health care professionals as a guide to your wishes for your end-of-life medical care.
These decisions may be difficult, so the person must understand your values and wishes. If you’re unable to make decisions because of your health, you can use this to appoint someone to make them on your behalf. (This type of trust may also be edited or changed.) It also outlines who receives the property, and when. There are many types of trusts, but the most common and basic is the Revocable Living Trust, which names a trustee responsible for following your wishes for the property in the trust. This arrangement is used to control property while you’re living and after you die. “Review it every year or two, or when a life event occurs.” “People often make a will and never go back to it,” Bell says. It names beneficiaries, an executor, and guardians for children. Document used to clearly outline your wishes for property distribution and care of minor children.
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