The following checklist can help you figure out the tasks you may need to complete before you meet with an attorney to establish an estate plan. Even if you have an estate plan, you may need to revise it if you have not completed the items on this checklist.

In most cases, legal documents will need to be created to protect your assets and your wishes. For example, if you name guardians to take care of your minor children, you would have to officially name them in a will. Other documents help you plan ahead for the unexpected and for the management and distribution of your assets after your death.

An estate plan can provide peace of mind for you and can give your loved ones clear direction about your wishes.

Initial Planning: Calculating Net Worth
  • Itemize all your assets and their values so you know what you have.
  • List all your debt amounts, such as mortgage and credit card debt.
  • Calculate your net worth (assets minus liabilities) and add the estimated death proceeds from life insurance to determine how much of your estate could be taxable.
Putting Things in Place:
  • Create a will and list individual assets (specific bequests) that you would like to have distributed to individuals you have named in your will.
  • Describe your funeral wishes in a separate document from your will and give those instructions to a trusted friend or family member.
  • Name a person (executor/personal representative) to settle your estate.
Planning For the Unexpected: Naming People to Take Charge
  • Choose a guardian to care for your minor children should you and your spouse die.
  • Name individuals who could manage your medical and financial affairs should you become incapacitated due to an accident, injury or serious illness.
  • Name beneficiaries who will receive proceeds from your life insurance policies and retirement plans after your death.
  • Consider adding documents to your plan, such as a trust, for control over the management and distribution of your assets during your lifetime or after your death.
Assessing Estate Tax: Taking Advantage of Exemptions
  • If you're married, consider transferring assets tax free to your spouse using the unlimited marital deduction.
  • If married, consider protecting your assets from estate tax using your applicable exempt amounts.
  • Consider reducing your estate's value by applying the gift tax exclusion and making annual tax-free gifts.
Remember to review this checklist and your estate plan periodically ­ especially if you have a major life change, such as:
  • marriage
  • divorce
  • birth
  • adoption
  • death of a spouse
  • death of a child
  • if you move to another state.