Estate Planning Checklist Last Will and Testament. Then start adding your non-tangible assets to your list, such as things you own on paper or other rights that are based on your death. The items listed here include brokerage accounts, 401 (k) plans, IRAs, bank accounts, life insurance policies, and other policies such as long-term care, homeowners, auto, disability and health insurance. Everyone over the age of 18 must have a will.
It is the regulation for the distribution of your assets and could avoid havoc among your heirs. A will can also name a guardian for your minor children and designate who should care for your pets. You can also leave assets to charitable organizations through your will. If you've changed jobs over the years, there's a good chance you have several different 401 (k) retirement plans open with previous employers or even several different IRAs.
You may want to consider consolidating these accounts into an individual IRA. Account consolidation allows for better investment options, lower costs, greater investment selection, less paperwork and easier management. You may want to set up 529 college savings plans for your grandchildren. In these plans, savings grow tax-free, and many states offer tax deductions for the person contributing the funds.
U.S. Retirement Plans Department of Education, such as 401 (k) plans for the workplace and individual retirement accounts. If you've decided that you don't want to deal with estate planning alone, there are several ways to find a qualified estate planner. Both estate planning lawyers and financial advisors can be helpful in the process.
Ideally, your financial advisor and attorney will work hand in hand to ensure that you are making the best estate planning decisions for your situation and that you have your assets in order. Make a final will and will to determine who will receive your property after your death. A last will may also include the nomination of a guardian for minor children. While most initial meetings with an estate planning attorney will result in some questions you've probably never considered, there are many ways you can prepare for a thoughtful and productive estate planning conference that will result in a better understanding of your goals and further use.
efficient time with your lawyer.