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Estate Planning Preparation

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Estate Planning Preparation

This playbook provides a detailed checklist of documents and pieces of information required for a thorough estate planning process. It ensures that all necessary components are considered to prepare an estate plan effectively.

Step 1: Personal Information

Collect and organize personal information including full legal name, social security number, date of birth, and contact information.

Step 2: Asset Inventory

Create an inventory of all assets, including bank accounts, investments, real estate, and personal property of value.

Step 3: Liability List

Compile a list of liabilities such as mortgages, loans, and other debts to understand the financial obligations of the estate.

Step 4: Beneficiary Designations

Identify and list all beneficiaries for assets such as life insurance policies, retirement accounts, and other accounts with named beneficiaries.

Step 5: Family Information

Gather information on family members including names, dates of birth, and their relationship to the estate owner.

Step 6: Legal Documents

Locate or prepare essential legal documents such as wills, trusts, powers of attorney, and health care directives.

Step 7: Business Interests

Document any business interests, including ownership documents, partnership agreements, and succession plans.

Step 8: Insurance Policies

Review and list all insurance policies, including policy numbers, coverage amounts, and the insurance companies.

Step 9: Safe Deposit Box

Record the location and contents of any safe deposit boxes, along with access information and keys.

Step 10: Digital Assets

Make an inventory of digital assets such as online accounts, social media, digital currency, and access credentials.

Step 11: Final Arrangements

Prepare instructions or pre-arrangements for final rites, including preferred funeral home, burial or cremation preferences, and related details.

Step 12: Advisor Contacts

Compile a list of important advisors with their contact information, such as attorney, accountant, financial planner, and insurance agent.

Step 13: Tax Returns

Gather recent tax returns, which may provide additional insights into the estate’s assets and liabilities.

Step 14: Organizational System

Create a filing system or digital repository to keep all estate planning documents organized and easily accessible for when they are needed.


General Notes

Document Review

Regularly review and update the estate planning documents as life changes occur, such as marriage, divorce, birth, death, or significant changes in assets.

Legal Advice

Consider obtaining professional legal advice to ensure that all documents are valid, complete, and align with current laws and personal wishes.

Secure Storage

Ensure that physical documents are stored in a secure location like a fireproof safe or safe deposit box, and that digital documents are encrypted and backed up.

Communication

Inform trusted family members, executors, or trustees about the location and details of the estate plan so that it can be executed smoothly when needed.