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Think About Your Estate Planning Checklist

January 6, 2005
By Charlie Wick
From Vail Daily, Colorado

You may think it's too soon to do estate planning. Yet, none of us can predict the future - so you'll want to be prepared for anything.

Where do you begin? Consider developing an estate planning checklist.

Identify your objectives

Your first step is to set out some broad goals, such as these:

- Distribute assets fairly to your family members.

- Designate someone to handle your financial affairs if you become incapacitated.

- Support charitable, religious or educational institutions.

- Name a guardian to take care of your minor children, should you and your spouse die prematurely.

List of all your assets

You'll need an accurate list of all the assets you own, as well as the registration of these assets and any beneficiary designations associated with them. Create the legal papers you'll need; estate planning can involve a variety of legal documents. Here are some of the most common ones:

- Will - Insures that your assets transfer in the manner that you choose.

- Durable power of attorney - Names someone to make financial and health care decisions on your behalf should you become unable to do so.

- Health care directive/living will - Provides evidence of your wishes regarding the administering of life-prolonging procedures when you are no longer able to communicate.

Estimate estate taxes

Your taxable estate consists of the value of your gross estate - including your savings, investments, real estate, insurance policies, retirement plans, etc. - less any deductions. In 2005, you can pass along up to $1.5 million of your estate, free of federal estate taxes, to your heirs. This estate tax exclusion rises gradually over the next several years.

Get started soon

In a real sense, your estate plan sums up the most important chapters in your life - and you'll want this story to have a happy ending. So start the estate planning process soon.

(Note that you can create your Will, Power of Attorney and Living Will online at http://www.uslegalwills.com/)

For More Information Contact:

USLegalWills.com
Email: support@uslegalwills.com
Internet: http://www.uslegalwills.com/