Spring Cleaning Checklist for Your Estate Plan

Spring Cleaning for Your Estate Plan

As discussed Monday morning on Focus on Elder Law on WSBB 1230AM, here is a handy checklist to make sure your Estate Plan is in tip top shape for the New Year.

Make a List of Items that are Important for Your Estate Plan, Estate, and Power of Attorney

• Bank Accounts and Other Intangible Assets
  • Small holdings (shares of stock held outside brokerage accounts, etc.)
  • Brokerage Accounts
  • Retirement Accounts
  • Employer-provided death benefits
  • Bank Accounts (savings/checking/CDs/credit union)
• Your Professional Advisors
  • Accountant / tax preparer
  • Financial planner
  • Investment Advisors
  • Attorneys
  • Insurance Agents
  • Asset Managers (real property)
  • Physicians
  • Other Advisors Whom You Consult Regularly
  • Confirm contact information and make note of any addresses or telephone number changes
• Real Estate
  • Out of state Real Estate
  • Real Estate locate outside of the United States
  • Timeshares
  • Lot rentals
  • Commercial property/rentals
  • Oil and gas rights
• Retirement Assets
  • Pensions
  • IRAs
  • 401(k)s
  • Annuities (have broker information)
• Life Insurance Policies
  • Policy Numbers
  • Dates of Policies
  • Owners of Policies
  • Due Dates for Premium Payments, etc.
  • Loan Balances
• Other Insurance (auto insurance/homeowners’ insurance)
  • Umbrella policies
  • Riders for unique/high value assets
• Your Beneficiaries
  • Names
  • Relations
  • Addresses
  • Telephone numbers
  • E-mail Addresses
• Your Passwords
  • Access to your Computer
  • Access to on-line accounts
  • Use online program or app to make secure list of passwords but be sure that someone has access to the list with a password

Check

• Location of Original Documents
  • Especially Wills
    • Look to see if it is stored where you think it is
    • Call attorney to confirm if attorney holds original Will and/or Power of Attorney
  • Life Insurance Policies
  • Annuity Policies
  • Birth Certificates/ Marriage Licenses/ Death Certificates
  • Who has access to documents or knowledge where they are kept?
• Manner/Names in Which Property is Held
  • Review source documents to confirm that ownership is how you expect
  • Confirm with broker, etc. meaning of designations
• Beneficiary Designations
  • Are they current?
  • Do they coordinate with written estate plan?
• Tax Records
• Ownership and property
• Estate plan and goals
• Status of trust and litigation matters
  • Divorce Obligations
  • Business Debts
  • Guaranties

Action

• Changes- Make changes if anything isn’t consistent with your plan or intentions
• Updates- Revise documents to reflect current situations in your life or the lives of your beneficiaries
• Additions- Consider adding additional plans or strategies to your estate plan for complete coverage
• Replace- If something is missing, replace it. Especially your original Will!

Need help getting your Estate Plan? Let Akin Law help! Call Akin Law PA at 386-271-4740 and
schedule an appointment to meet with one of our attorneys!

Listen to the entire Podcast here: