1. Complete your Personal Data Sheet, including:
(a) Identifying
your assets.
(b) Determine
your desired distribution of your assets – before and after death.
(c) Your
final wishes.
(d) Also,
however uncomfortable, consider the following for your children:
·
Their
Valued Personal Possessions
·
Insurance
·
Estate
and Trust Benefits they will receive
2. Consult with me and your
accountant/financial planner to formulate your Estate Plan, including the following instruments as needed:
(a) Will.
(b) Durable
Power of Attorney.
(c) Living
Will / Health Care Directive.
(d) Gifting.
(e) Trust
Provisions.
(f) Guardianship
Provisions
(g) Retirement
Planning - Review retirement funds and their distribution.
(h) Insurance
- Review your life insurance and how it is owned.
Also consider the tax consequences related to
the above based on the value of your probate and non-probate assets.
3. Draft and execute the estate
planning documents we formulate.
4. When we’re done you should:
(a) Safekeep your
Will:
(i) Register
your Will with the Register of Wills, or
(ii) Keep your Will some place safe like a
vault or bank safe deposit box (but make sure someone else has access).
(b) Register your Living Will.
(c) Communicate with others:
·
Beneficiaries
are aware of their designations.
·
Spouse is aware that he/she may be eligible for a survivor
annuity.
·
If
a federal employee under FERS, spouse is aware that he/she and the children may
qualify for benefits under Social Security.
·
Discussed final wishes and arrangements with family.
·
Discussed anatomical gifts with family.
5. Then, we should periodically review your estate plan, particularly if you have a
change in circumstances such as:
(a) divorce or marriage,
(b) birth, death or adoption of children,
(c) change of your state of residence,
(d) major change in your financial condition or the condition of
your children,
(e) any changes in your real property holdings,
(f) you
inherit under someone else’s estate, or
(g) every
3 years in any event.
