Don’t Leave a Mess for Your Family When You Pass Away! Use This Checklist to Be Sure Its Done
This checklist has evolved through more than 30 years of helping families with estate planning. During that time, I’ve personally witnessed costly mistakes that could have been avoided if a few simple steps had been taken to protect the family. In this video, we detail the steps most commonly forgotten when finalizing an estate plan—and the actions you can take today to identify and fill any gaps.
An estate plan is not complete just because the legal documents have been signed. Beneficiary designations, powers of attorney, trusts, account titles, personal instructions, and other details must all work together for your wishes to be carried out properly.
Topics Covered:
– Why estate planning documents are only the beginning
– Updating beneficiaries on IRAs, 401(k)s, pensions, and other accounts
– Transfer-on-death and payable-on-death designations
– Contingent beneficiaries and per stirpes instructions
– Medical and financial powers of attorney
– Creating a financial “treasure map” for your family
– Organizing passwords, accounts, keys, and important documents
– Using a personal property memorandum to divide belongings
– Documenting funeral and memorial wishes
– Choosing executors, trustees, and backups
– Why a trust must be properly funded
– Estate tax portability and planning for a surviving spouse
– Building a legacy centered on relationships, not possessions
A thoughtful estate plan should tell your loved ones what you want, where everything is located, and whom they should contact. It should also be reviewed regularly as your family, finances, and wishes change.
