For example, IRA and 401k accounts should be regularly assessed. If you are to appoint a DPOA, it is best to ensure that your finances are kept up-to-date so that the process will be easier for them. A durable power of attorney ensures that someone you trust remains in control of your property and finances if you are unable to do so yourself. When people think about estate planning, they often overlook incapacity planning. If you cannot handle your own affairs, this person that is trusted and chosen by you will become your agent and make important financial decisions for you. Durable Power of Attorney (DPOA)Īside from your health, you may also need someone to make decisions regarding your finances if you find yourself incapacitated down the line. As well as this ‘living will’, you can also appoint an agent for your financial affairs via a durable power of attorney (DPOA). Essentially, this means that all health decisions are made by you ahead of time should you be incapacitated and unable to make important health care decisions. Advance Health Care Directives(also known as Living Wills)Īs mentioned previously, wills do not take affect when you are incapacitated, which is why a health care directive can be helpful. As a result, if the testator becomes incapacitated, another document, such as a living trust and living will (see below) should also be part of any good estate planning checklist. A holographic will must be completely written, signed and dated in the testator’s handwriting.Ī note of caution: a will only takes affect upon the death of the testator.The two witness rule does not apply if the will is a holographic will.Be signed by two witnesses that are not named in the will or not involved in the preparation of the will, i.e.Possess the mental capacity to know what he or she is creating, what his possessions are, and his relationship to individuals named in the will.The testator of the will must be 18 or older,.You can create your own will as long as you follow the basic formalities of creating a will, which vary from state to state. Instead, a will is a road map for the probate court. Estate Planning ChecklistĪ last will and testament (“a will”) is a document that tells the executor of your estate how you wish him or her to distribute your assets. Of course, it will always be best to contact a professional since every situation is unique but this is a basic checklist that you can help you get on the right track. And what’s worse, money you earmarked to go to those you love now goes to lawyers, accountants and the state.įor this reason, we have compiled a simple estate planning checklist of things that you need to consider when planning your estate. When an estate hasn’t been planned sufficiently, it is often those left behind-family and friends-that have to deal with the mess. The following article will help you create your own estate planning checklist, which will in turn help you in taking the next steps to creating your estate plan.Īlthough estate planning has become more popular over the years, there are still some basic steps that some people leave out which can lead to a nightmare for those left behind. Your plan for where your estate’s assets will go upon your death (or even in life) is your estate plan. Next, make a list of all the assets in your estate and where you want those assets to go upon your death. Everything you own and everything you owe. Make an list of your assets and liabilities. Here is a simple way to start your own estate planning checklist.
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