PLANNING TODAY

Estate Planning Checklist

This month we are bringing you a checklist to help you think about estate planning and what issues you may need to address. Please look through this list and see how you answer each question. If you have trouble answering any of these questions satisfactorily, it is time to meet with an attorney and discuss your estate plans.

Do you know how your property will be distributed at your death?
Do you know what will happen if you and your spouse die at the same time?
Do you know who will care for your minor or disabled children?
Do you know what your children from a prior marriage will receive?
Do you and your spouse have up-to-date wills?
Do you know who your beneficiaries and your executor are?
Do you know how all of your assets are titled and where they will go?
Do you know who will handle your financial affairs if you become mentally incapacitated?
Do you and your spouse have a durable power of attorney?
Do you and your spouse have a living will?
Do you and your spouse have a health care surrogate designation?
Do you know who will receive your life insurance benefits?
Do you know who will receive your retirement benefits?
Will your surviving spouse have adequate income?
Do you know if you should have a living trust?
If you have a living trust, is up-to-date and properly funded?
If you need it, do you know how you will pay for long term care?
Have you discussed your estate plans with your children?
Does your family know what you would like done with your pets and personal belongings, like jewelry and antiques?
Do you know what papers and documents are important when you die?
Do your children know where to find your papers and documents?
Are your important papers and documents stored safely?
Have you left directions for your funeral and burial?
Do you know the full value of your estate?
Do you know if your estate may be liable for estate taxes?
Do you have a plan for minimizing your estate taxes?
Do you expect to receive a large inheritance in the future?
Do you know what expenses, fees and taxes it will cost to settle your estate?
Do you know what will happen to your business at your death?
Have you provided for your favorite charities?

This is no more than a general guide to common estate planning needs. The only way to make sure that you have properly planned your estate is to work with a qualified attorney. It is wiser and easier to plan your estate properly now than to leave your loved ones with a complicated problem to sort out.

We hope you have found this issue of Planning Today useful and interesting. If you have any questions, please contact your professional advisor, or give us a call. Thank you for your continued support.

Steve Brownstein, Director of Development
Menorah Manor Foundation
255 59th Street North
St. Petersburg, FL 33710
Telephone: 727-302-3705
Fax: 727-345-3957
Email: foundation@menorahmanor.org