Many Americans have estate plans that are incomplete or don’t address important issues.
A story on marketwatch.com lists a 14-point checklist to help create a sound estate plan.
The first thing it recommends is to find a qualified estate planning attorney and a financial advisor.
The things your plan should include are:
- A will.
- A durable power of attorney.
- A power of attorney or proxy for health care.
- A revocable living trust.
- A form where you list all your assets and where they are located.
- A do-not-resuscitate (DNR) order written by a doctor.
- A legacy letter where you pass on your values to the next generation.
- A discussion with your attorney about whom you want to receive your assets.
- A decision on who you want making medical decisions on your behalf if you are incapacitated.
- A list of how you want your assets distributed.
- A decision on whether you want to name a guardian for any minor children.
- A discussion on the tax consequences of your estate plan.
- Review steps necessary to protect online information.
- Letters to your spouse and family concerning your wishes about life support.
