Plan Your Estate in Advance! Here's Why You Should Get Estate Planning Services

  Important Steps You Should Take While Preparing

Estate Planning checklist

Every estate, no matter how modest or large, should have an estate plan. Creating an estate plan makes it much simpler to settle affairs after the death of a loved one.

To create an estate plan, you need a checklist. Making a will is not as complicated as it may seem, and by following the checklist for By drafting an estate plan, you can reduce the amount of time you spend on it. An estate planning lawyer in Mesa AZ can help you in preparing the checklist.

The basics of estate planning

It is important to take an inventory of the estate before creating the estate plan checklist. The entire estate of a deceased person includes everything they own, no matter how modest. (Preparing an estate plan isn't just about money.) The first step in determining what kind of plan to create is to determine what assets should be protected.

The value of assets owned by a couple or individual should be included in an inventory of an estate. Consider things such as your home, your car, your jewelry, etc. Following that, you should gather recent statements from banks and investment accounts. After this, it is important to include the cash value of life insurance policies and their beneficiaries in the inventory. An inventory must also include all debts, including mortgages. As a result of the estate inventory, a complete picture of the estate will be painted and it will be possible to determine which type of estate plan will be most effective in achieving the estate owner's goals.

A Checklist of Estate Planning Documents

The next step in creating an estate planning checklist is to determine which estate planning documents are best suited to protect and distribute the estate's assets. Any estate plan checklist must include these forms for arranging your affairs.

Wills and trusts are often used in conjunction with other estate planning documents, so this is best thought of from that perspective.

The answers to certain questions can help determine whether the owner of the estate should use a will or trust. Does this person value privacy and want to avoid probate? Trusts should be used if both of these questions are yes. Are you concerned about protecting your assets? If yes, then trust will be necessary. Last but not least, are the beneficiaries to inherit outright or would they prefer periodic distributions? Trusts are required when periodic disbursements are desired.

A trust or will-based estate plan includes ancillary documents. There are two documents: a durable power of attorney and a successor power of attorney. The durable power of attorney creates an agent, the person is chosen by the principal, who can handle financial matters should the principal, who created the power of attorney, become incapacitated or incompetent. In this document, there is no longer any need to have a guardian or conservator.

Including power of attorney for healthcare in an estate plan is also highly recommended. If the principal becomes incapacitated or incompetent, the document creates an agent who can make healthcare decisions on their behalf.

A living will be included in every estate plan. A healthcare directive is sometimes referred to as this document. It specifies what healthcare actions should be taken if someone can no longer make healthcare decisions for themselves because of incapacity or incompetence.

How to plan an estate?

After determining the type of estate plan that is appropriate with the help of probate lawyers in Mesa, the next step is to determine whom to select as the personal representative or trustee, and whom to select as agents.

You should choose a person who is organized and has some knowledge of finances to be your representative or trustee. It is important to consider who will serve as your durable power of attorney in the same way. To serve as an agent for the healthcare power of attorney, it is best to choose someone who has some medical knowledge as well as similar values to those of the principal. If the principal has to make end-of-life decisions, choosing an empathic agent he or she feels a connection with is essential.

What is Compton Law's role in your estate plan checklist?

Creating an estate plan is something we do at Compton Law. With our experience, we can explain to clients how estate plans differ and help them to decide which kind is appropriate for their specific needs. We can also explain the role of personal representatives, trustees, and agents and help clients determine who should fill these roles. Our Probate lawyer in Mesa AZ can assist you in putting together your restatement plan checklist.