Problem: Want to Help Make the Transfer of Your Assets More Organized and Efficient for Your Loved Ones?
Solution: Use This Checklist to Ensure Your Estate Plan Is Current and Complete!
Estate Plan Review
1. Will:
This is a legal document that details your wishes regarding the transfer of assets to beneficiaries after your death. Generally, this requires the Will to go through probate and needs an attorney’s assistance.
2. Living Trust:
This is a private legal document that allows for easy distribution of possessions to your beneficiaries or charities after you die. The use of a trust may allow you to bypass the expensive legal process of probate. A revocable living trust owns the property put into it. The grantor can amend the rules of the trust at any time, change beneficiaries, or undo the trust altogether. A trust provides creditor protection for your beneficiaries after your death. Legal outcomes depend on the trust’s terms and applicable state law.
Note: The grantor must retitle assets into the name of the revocable trust or name the trust as the beneficiary.
3. Guardianship Designations:
There are several guardianship designations including personal, financial, conservators, and pet. This designation is important when you have minor children.
4. Living Will:
This is a legal document that allows you to state any medical wishes or procedures you would like to be implemented in the event you become incapacitated.
5. Medical POA (Power of Attorney):
This is a legal document that gives another person the right to make medical decisions for you if unable to do so on your own.
6. Financial POA:
This is a legal document that grants an agent the right to make decisions about your property if you are unable to on your own.
7. Select an Estate Administrator:
The estate administrator or executor is generally responsible for administering the estate according to applicable law and estate documents. They may pay any debts and taxes on the estate, as well as distribute remaining assets to heirs or beneficiaries.
8. Letter of Intent:
A letter of intent isn’t a legal document, rather, a letter to a loved one or executor of a Will that can contain last wishes or a personal message.
9. IRA Beneficiary:
Beneficiary designations generally control who receives IRA assets and allow assets to transfer outside of probate.
10. Life Insurance:
Designates who will receive the policy’s death benefit. This generally transfers directly to the beneficiary outside of probate after you pass away.
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Disclosures: Information contained herein is intended for informational, illustrative and/or educational use only and not designed to be a recommendation for any specific investment product, strategy, plan feature or other purpose nor shall it be construed to be the provision of individualized investment, tax or legal advice. Endowment Wealth Management, Inc. (“EWM”) is not soliciting or recommending any action based on this material. This is neither an offer nor a solicitation to buy/or sell securities in any state or jurisdiction where EWM is not registered, or notice filed and does not qualify for an exemption from such registration and notice filing requirements. Prior to making any investment or financial decisions, an investor should seek individualized advice from a personal financial, legal, tax and other professional advisors that consider all of the particular facts and circumstances of the investor’s own situation. All investments involve risk and potential loss of capital and, unless otherwise stated, are not insured or guaranteed.
While the content herein has been obtained from sources that we consider reliable, we do not represent that the information is accurate, complete, or current and it may be relied upon as such. Reliance upon any information in this material is at the sole discretion of the reader. Content is subject to change without notice.
This material is provided solely for educational and informational purposes. It is intended to promote general awareness of estate-planning concepts and should not be construed as individualized investment, legal, accounting, or tax advice. Estate planning, probate, trust, and tax outcomes vary based on individual circumstances and applicable federal and state law. Readers should consult their attorney, CPA, tax professional, and other qualified advisors before taking any action based on this information.
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