This is why reviewing your estate plan is something you can’t afford to ignore. Nobody wants to think about meeting an untimely death, but the reality is we never know when our time will come. With so many elements and moving parts, you may find it helpful to use a checklist for estate planning, particularly when it comes to reviewing your estate planning documents. Even if you work with an estate planner and financial advisor, it is your responsibility to take an active role in making sure your plan is complete and up to date. The more complete the information, the better equipped the attorney to come up with the best possible planning alternatives for you.Estate planning is a complex process that is never fully finished. Be sure to review your assets and liabilities, so that your attorney will be able to formulate and analyze a thorough estate plan. A more efficient process results in reduced time spent on the matter, translating into reduced fees. The checklist also speeds up the estate planning process by making it more efficient. In general, using the checklist ensures that you, as the client, think through how to protect your family and assets, communicates your wishes to the attorney and engage in tax planning by allowing the attorney to develop tax saving strategies based on the information provided. Names and contact information of the fiduciaries (executor, trustee, guardian).Identify property to be distributed to such beneficiaries.Identify family and friends that client wishes to name as beneficiary.Beneficiary information (names, percentages, outright vs.The name, trustees, and assets of any trust held for benefit of client or family members or created by client.Important documents (prenuptial agreement, divorce agreements, deeds, tax returns, etc.).Life insurance information and names of beneficiaries.Retirement account information and names of beneficiaries.
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