Like buying life insurance, Estate Planning will benefit others more than it will benefit you. Whether planning as an individual or a couple, the process is similar and just as important. Your estate plan helps protect loved ones and carry out your short-term and long-term wishes. Quoting Benjamin Franklin, “If you fail to plan, you are planning to fail!”
Estate planning is not a transaction. It is a process of putting your affairs in order now, so your hard-earned wealth efficiently and effectively transfers to individuals or organizations you designate, later. Establish or review your estate plan this year; do not fail to plan!
Estate Planning Checklist:
- Establish your team of Experts and Trusted Advisors.
- Estate Planning Attorney
- Tax Advisor/Accountant
- Wealth Advisor/Financial Planner
- Designated Power of Attorney (POA) – often your spouse or adult child
- Assemble current account statements and property information.
- Bank (including any Payable on Death (POD) designations); Investment (including any Transfer on Death (TOD) designations), and Retirement Plan and/or IRAs (including primary and contingent beneficiary designations)
- Real Property (including residential, vacation, rental, etc.)
- Loans (both debt outstanding and any money owed you by others)
- Summarize your wishes in an outline that can be incorporated into your estate plan.
- If you have minor dependents, determine who you would like to designate as their guardian if ever needed. Have a conversation with the guardian(s) and confirm.
- Think about your wealth as $100. Determine how much of the $100 you would like to go to each of the individuals or organizations you designate when you die. If you are planning as a couple, determine your allocation upon the second to die. You can also discuss and determine if any of the $100 could/should be designated to others upon the first to die (use an expert for this discussion and planning).
- Determine what estate planning documents you need and if a Trust is right for you and your beneficiaries. Review your assembled and summarized information with an expert and follow their guidance to establish your necessary estate planning documents.
- Determine the best structure and funding strategy to carry out your estate plan.
- A Last Will and Testament is a critical document to establish and maintain, but its content is based on whether or not you establish a Living Trust.
- Do you have specific ideas about your critical medical care when you are unable to direct it? If so, an Advance Healthcare Directive: Medical Power of Attorney written agreement is essential.
- Related to your healthcare directive, determine if a Health Insurance Portability and Accountability Act (HIPPA) Authorization Form should be executed.
- A Durable Financial Power of Attorney is a powerful and effective document. Your expert will determine applicability and discuss who should be named POA.
- Discuss and prepare for long-term care.
- Make a plan for your digital assets and social media accounts.
If you need help getting started, Waukesha State Bank Wealth Management is here to help. Contact us at WealthManagement@waukeshabank.com or (262) 522-7400.
