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#Estate planning checklist aarp upgrade
#Estate planning checklist aarp professional

#Estate planning checklist aarp professional

You should provide your attorney, CPA, financial professional and heirs with an asset and debt “map” they can follow should you pass away. Create a balance sheet of assets and liabilities TOD designations are sometimes referred to as “will substitutes” but they usually pertain only to securities.4,5Ĥ. This is a tactic against probate: TOD designations may permit the ownership transfer of securities (and in a few states, forms of real property, vehicles and other assets) immediately at your death to the person designated. In some states, you can authorize transfer-on-death designations. This is why some estate planners recommend that you review your beneficiaries every two years. Time has a way of altering our beneficiary decisions. If you long ago named a child now estranged from you as the beneficiary of your life insurance policy, he or she will receive the death benefit when you die – regardless of what your will states.3 When it comes to retirement accounts and life insurance, many people don’t know that beneficiary designations take priority over bequests made in wills and living trusts.

Who is the beneficiary of your IRA? How about your 401(k)? How about your annuity or life insurance policy? If your answer is along the lines of “Mm … you know … I’m pretty sure it’s…” or “It’s been a while since …”, then be sure to check the documents and verify who the designated beneficiary is. A durable medical power of attorney authorizes another party to make medical decisions for you (including end-of-life decisions) if you become incapacitated or otherwise unable to make these decisions. A living will makes your wishes known when it comes to life-prolonging medical treatments, and it takes the form of a directive. You should know that a living will is not the same thing as a durable medical power of attorney.

Durable financial and medical powers of attorney.

Living Trust, Bypass Trust, Charitable Trust, Family Limited Partnerships) Complement your will with related documentsĭepending on your estate planning needs, this could include: A valid will may save your heirs from some expensive headaches linked to probate and ambiguity.Ģ. It found that 42% of “leading edge” baby boomers (people age 55-64) lacked wills.1,2Ī solid will drafted with the guidance of an estate planning attorney may cost you more than a will-in-a-box, and it may prove to be some of the best money you ever spend. consumers and small business owners conducted by legal services website. That syncs roughly with statistics from a 2012 poll of 600 U.S. It is startling how many people never get around to this, even to the point of buying a will-in-a-box at a stationery store or setting one up online.Ī 2011 Associated poll of 1,078 boomers found that 64% had no will or health care directive in place.

#Estate planning checklist aarp upgrade

No matter what your age, this article is designed to begin the process of your next upgrade for your family estate plan. However, those who leave this world without their financial affairs in good order risk leaving their heirs some significant problems along with their legacies. Estate planning is a task people tend to put off, as any discussion of “the end” tends to be off-putting.