Estate Plan Checklist

After weeks, months, or maybe even years of procrastinating, you’re finally ready to set up your estate plan. Remember, the sooner you create your estate plan, the sooner you will have peace of mind that your family is taken care of should something happen to you.

Many people who decide to create an estate plan say, I just want a simple plan, nothing fancy. The truth of the matter is that your estate, assets and family members greatly determine the complexity of your estate plan. So while you may want a simple plan that requires very little of your time to set up, the circumstances of your estate and life may dictate otherwise.

Of course you can always make your life easier by running through the following estate plan checklist:

1. Determine the goal of your estate plan — So, you’ve decided you need an estate plan. Why? What is the ultimate goal of having an estate plan in place? Are you a philanthropist who wants to see your wealth enjoyed by the less fortunate? Maybe you want to leave everything you have to your spouse. Or perhaps your intention is to preserve your legacy for many generations after you’re gone.
2. Retain an estate planning lawyer — Unless you practice law, you probably don’t know much about estate planning, wills, trusts, healthcare directives and other estate planning mechanisms. When hiring a lawyer, make sure you choose someone who practices estate planning law in your state. And no, don’t attempt to move forward on your own without an estate planning lawyer — this is your legacy after all.
3. Identify your assets — Prior to setting up an estate plan, you need to be able to identify all assets and property you own. Depending on your financial situation, compiling such a list may require more than a Sunday afternoon.
4. Identify your executor — If you had to choose one person in your life to handle all your affairs after your death, who would it be? The person you name as your executor must be a trustworthy and competent individual who will ensure the wishes of your last will and testament are carried out.

Now that you’ve successfully gone through this checklist, it’s time to draft your estate plan. To begin the process, make an appointment with your estate planning lawyer as soon as possible. For more information on estate planning in NJ and NY, Contact Alec Borenstein, Esq., at alec@bmcestateplanning.com, or call 908-236-6457.