Legal Guidance From Attorneys Who Care

Spring Cleaning Checklist for Your Estate Plan

by | Jan 7, 2020 | Estate Planning, Podcast

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 386-518-2215 and
schedule an appointment to meet with one of our attorneys!

Listen to the entire Podcast here:

Link to Podcast

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