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ESTATE PLANNING CHECKLIST

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This material was prepared for informational and/or educational purposes only.
Neither Edelman Financial Engines, a division of Financial Engines Advisors
L.L.C., nor its affiliates offer tax or legal advice. Interested parties are
strongly encouraged to seek advice from qualified tax and/or legal experts
regarding the best options for your particular circumstances.
AM2080879

Help ensure your assets are distributed per your wishes.




One of the most important aspects of financial planning is estate planning.
 Unfortunately, it is often left undone. When meeting with new clients, we
frequently discover they have no estate plan or instructions in place for the
disposition of their assets or guardianship of their minor children. That is why
we created this estate planning checklist.

 
1. Consult with your financial advisor and your estate planning attorney
The work of your financial advisor and your estate attorney can overlap and
should be done in tandem.
The financial advisor helps you develop a comprehensive financial plan that can
cover things such as college funding, life insurance, retirement savings, estate
planning and more. He or she can tell you what estate planning tools you might
need to consider – a will, durable Power of Attorney, living will, living trust
– and then an attorney can help you decide on those documents and provide them.
It is important to work together because just having, for example, a signed
living trust from your attorney may not be enough. You also need to title the
assets, such as brokerage accounts, homes, cars, etc., into the trust.
 
2. At a minimum, create a will
A will is an essential part of any estate plan. It is the primary document that
allows your assets to be transferred upon death as you instructed.
If you do not have a will, the state in which you live will provide one for you.
They call this “dying intestate,” which means you give up the opportunity to
distribute your assets as you want; instead, the state decides for you. State
laws vary, but your assets may not pass to your spouse and children.
If you already have a will, you should add reviewing and updating your will to
your estate plan checklist.
 
3. Name a guardian for young children
If you have young children, discuss with your spouse who will raise them and
manage your assets for their care, benefit and welfare if something were to
happen to you both. This helps ensure someone you trust will make those
decisions, rather than a judge in probate court.
Ironically, being unable to choose a guardian is one of the most common reasons
parents of young children give for putting off writing a will. There are several
factors to consider when choosing a guardian for your kids, but don’t let that
intimidate you from making this important decision.

 
The law can require that you name a guardian for the money as a separate act
from naming a guardian for the children. It is often recommended that the
financial trustee or custodian be different from the guardian of the children.
By having a third party control the assets, there is additional oversight that
can help ensure the assets are used for the benefit and welfare of the children.
We recommend having an honest conversation with the intended guardian before you
formalize the paperwork so that they agree to the responsibility in advance.
Provide this person (or couple, if married) with a copy of your current will and
all trust/custodial documents.
 
4. Medical directive and Power of Attorney
Wills aren’t enough; you also need a medical directive and a durable Power of
Attorney. These documents apply if you become disabled and cannot make decisions
on your own. If you’re in the hospital, someone needs to pay your monthly bills
– and the Power of Attorney lets someone you choose do that for you.
If your condition is so severe that you can be kept alive only by artificial
means, or if you need an operation but cannot make that decision because you are
incapacitated, your medical directive allows another person of your choice to
act on your behalf, honoring your preferences.
 
5. Consider a revocable living trust
Without proper planning, your heirs may have to contend with probate court. And
if you own real estate in several states, your heirs will have to deal with
probate in each state. The process involves extensive time delays and legal
fees. Fortunately, you can help avoid all this with a revocable living trust.
 
6. Talk to your family
You’ll want to let your children know where you keep your will, medical
directive and trust documents. And make sure everyone knows whom you’ve named as
your executor or trustee.
 
If you’re not sure where to start on your estate planning checklist, speak with
one of our financial advisors. He or she can help determine what may be needed
for your individual situation and portfolio of assets. We also recommend
coupling that with a meeting with an estate attorney to create a comprehensive
estate plan.
  














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