#ESTATE PLANNING DOCUMENTS CHECKLIST PDF UPDATE#

Consider drafting and regularly updating a letter of instruction to your children and/or fiduciaries.Consider writing a memo to direct the specific pieces of 'Tangible Personal Property' (furnishings, jewelry, automobiles, collectibles) you want to leave to certain individuals, if this is allowed in your state and is part of your will or trust.Read Viewpoints on : Estate planning for the digital era Create a list of your digital assets and name a successor to handle them.

#ESTATE PLANNING DOCUMENTS CHECKLIST PDF UPDATE#

Review and update life insurance policies and/or retirement plan beneficiaries.

Carefully review the detailed letters of instruction from the estate planning attorney, and work with your financial advisor and attorney to take action, such as updating beneficiaries, retitling assets, etc.

Check with your plan's governing documents to understand its beneficiary designation policy.Īs you put the finishing touches on your estate plan, here are some important steps to consider: Tip: Some retirement plans may automatically designate your spouse as the beneficiary unless you name another beneficiary and your spouse has consented to the designation in writing.

Remember, having beneficiaries designated on an account, such as a brokerage account, 401(k), or IRA, allows the account to pass outside probate, enabling your beneficiaries to avoid the time and expense of the probate process. If the beneficiary designation on your accounts names the heirs directly, it would give them unfettered access to the assets immediately. For example, your will or revocable trust may have provisions to leave your assets to an irrevocable trust for your heirs that gives you the ability to control the ultimate distribution of the assets upon your death. Many times beneficiary designations are not set up properly, resulting in the distribution of those assets differently than intended. This allows ownership of the account to be transferred to a designated beneficiary upon the owner's death. 'Many people are not aware that beneficiary designations supersede the will or trust, making this a critical step in determining what happens to your assets after you die.'Ī beneficiary is an individual who receives the benefit from an estate, trust, retirement account, life insurance policy, or account with a transfer on death (TOD) designation. 'One of the biggest mistakes people make at the end stages of the estate planning process is not updating their beneficiaries,' says Sander Bleustein, vice president, advanced planning at Fidelity Investments in Naples, Florida.

Estate planning documents checklist pdf