Carolyn loaded the family van for their vacation. She was a stickler when it came to family safety. ”I never forget the sun tan lotion,” she said. ”I always put it at the top of my list.” As you leave for vacation, you may want to check another vital list.
When it comes to protecting your family, an estate planning checklist can help you. Protecting your loved ones is the reason why you have an estate plan. But what is supposed to be in an estate plan?
Use my checklist for your estate planning health. It covers the essentials: wills, powers of attorney, executors and more. It will save you time and worry.
Estate Planning Checklist to Protect Your Family
Your review starts with this checklist from my book Estate to the Heart: How to Plan Wills and Estates for Your Loved Ones.
Circle your answer.
1. I have backup executors and guardians for minor children in my will. Yes/ No/ Unsure
2. I signed power of attorney documents. These appoint someone to handle decisions for me if I cannot. Yes/ No/ Unsure
3. I have a strategy in place to save probate and income taxes. Yes/ No/ Unsure
4. I have provided for loved ones with special needs. Yes/ No/ Unsure
5. I have a plan to deal with my business if I die. Yes/ No/ Unsure
6. I regularly preview my estate plan to ensure that it achieves my goals. Yes/ No/ Unsure
7. I review my loved ones’ needs to ensure my estate protects them. Yes/ No/ Unsure
8. I have an updated inventory of assets and valuable documents for my executor. Yes/ No/ Unsure
9. My life and disability insurance coverage will replace income, cover taxes and gifts. Yes/ No/ Unsure
10. My loved ones know where my up-to-date will and legal documents are stored. Yes/ No/ Unsure
Estate planning is what we do for the people we leave behind.
You shouldn’t go through life without planning for your loved ones.
You’ll find more of my FREE guides on executor duties, estate planning and powers of attorney at my website mrwills.com.
Edward Olkovich (BA, LLB, TEP, C.S.) is a nationally recognized estate expert. He is a Toronto probate lawyer and certified estate and trust specialist. Edward has practiced law since 1978 and is the author of seven books. Visit his website, mrwills.com, for more free valuable estate information.