{"id":881,"date":"2017-11-15T15:17:15","date_gmt":"2017-11-15T15:17:15","guid":{"rendered":"https:\/\/www.jacksonwhitelaw.com\/arizona-estate-planning\/?page_id=881"},"modified":"2022-08-24T20:20:53","modified_gmt":"2022-08-24T20:20:53","slug":"estate-planning-checklist","status":"publish","type":"post","link":"https:\/\/www.jacksonwhitelaw.com\/arizona-estate-planning\/blog\/estate-planning-checklist\/","title":{"rendered":"Estate Planning Checklist"},"content":{"rendered":"
What will happen to you and your loved ones once you become incapacitated or pass away? Estate planning involves anticipating and organizing the management of your estate and what will happen to it in such a scenario. This often involves minimizing taxes where possible, deciding who will handle your financial or medical matters, and selecting who will be the heirs to your assets.<\/p>\n
\u201cIf estate planning was once considered something that only the wealthy needed, nowadays many\u00a0middle-class\u00a0families need to plan for when something happens to a family’s breadwinner (or breadwinners),\u201d said Donna Fuscaldo<\/a>, personal finance reporter and Investopedia contributor.<\/p>\n Here is an estate planning checklist and worksheet you can use as a reference for gathering information. This will help you prepare for meeting with your attorney and planning your estate.<\/p>\n Regardless of how modest it is, all that you own is your estate. Figuring out exactly what you own is step one in protecting it and making sure it\u2019s handled as you want it to be once you\u2019re gone.<\/p>\n As soon as you\u2019ve hired an estate planning lawyer, you\u2019ll need to complete an inventory so your lawyer can assess the estate and start developing the appropriate plan for your needs. Here is a list of items to include:<\/p>\n Include the contents and location of any safes or safety deposit boxes you own. In addition, you\u2019ll want to think about who you\u2019ll want to handle any medical decisions on your behalf in case you become incapacitated.<\/p>\n Get ready for your meeting with an estate planning professional by knowing the answers to these questions about the way your affairs should be settled.<\/p>\n Many people select the relative closest to them for this role, such as their spouse, which makes sense as that person is likely to be most affected financially. But make sure you have a backup executor selected, as well (preferably someone you know with an accounting background or law degree). This is important in case your spouse declines to handle the estate or passes on at the same time as you.<\/p>\n As soon as you\u2019re prepared, meet your attorney so they can draft your will, trust documents (if you need them), and financial and medical powers of attorney. First figure out whether you need a trust<\/a>. If so, follow these steps:<\/p>\n A simple will may be enough for some, while a trust could be necessary for those with more complicated circumstances. To find out which applies to you, do your research and don\u2019t be afraid to ask your attorney questions.<\/p>\n Creating a will can be stressful. So as soon as they\u2019ve made their estate plan, most are tempted to put it away and stop thinking about it. But you\u2019ll need to look it over fairly often in order to keep it relevant.<\/p>\n\u00a01.\u00a0Take Inventory of Your Estate<\/h2>\n
\n
2. Draft the Plan<\/h2>\n
\n
3. Taking Action on Your Estate Plan<\/h2>\n
\n
4. Keep Your Plan Updated<\/h2>\n