Broker Check

Estate Management Checklist

Is your estate in order? Our team at Legacy Planning Group can help you assess your overall strategy.

Do you have a will?

A will enables you to specify who you want to inherit your property and other assets. A will also enables you to name a guardian for your minor children.

Do you have healthcare documents in place?

Healthcare documents spell out your wishes for health care if you become unable to make medical decisions for yourself. They also authorize a person to make decisions on your behalf if that should prove necessary. These documents may include a living will, a power of attorney agreement, and a durable power of attorney agreement for healthcare.

Do you have financial documents in place?

Certain financial documents can outline your financial wishes. If you become unable to make decisions for yourself, these financial documents can be structured to empower a person to make decisions on your behalf. These documents may include joint ownership, durable power of attorney, and living trusts.

Have you filed beneficiary forms?

An important piece of estate planning includes beneficiaries and the perfect time to review this is during an annual review. Are the people you wanted to benefit from your hard work your entire life this year the same as they were last year? Life can change quite a bit over time, so it’s important that you’ve recorded somewhere who gets what in case something happens to you…you haven’t amassed that nest egg for nothing!

Do you have the right amount and type of life insurance?

When was the last time you assessed your life insurance coverage? Have you compared the life insurance benefit with your financial obligations?

Have you taken steps to manage your federal estate tax?

If you and your spouse have more than $22.8 million in assets (for 2019), you may want to consider taking steps to manage federal estate taxes, which will be due at the second spouse’s death.

Have you taken steps to protect your business?

Do you have a succession plan? If you own a business with others, you may also want to consider a buyout agreement.

Will your heirs be able to locate your critical documents?

Your heirs may need access to the specific documents you have created to manage your estate. These documents may include:

  • Your will
  • Trust documents
  • Life insurance policies
  • Deeds to any real estate, and certificates for stocks, bonds, annuities
  • Information on your financial accounts and safe deposit boxes
  • Information on your retirement plans
  • Information on any debts you have: credit cards, mortgages and loans.

Yours, Mind and Ours: Estate Strategies for Second Marriages 

Second marriages are a trigger event to revisit any existing estate strategies.

If you are one of the many Americans who are in a second marriage, you may need to revisit your estate strategy. Unlike a typical first marriage, second marriages often require special consideration that should address children from a prior marriage and the disposition of assets accumulated prior to the second marriage. Ensure that you beneficiaries get the most from your legacy by updating your estate strategy.