Estate planning is the process of planning for the management and distribution of the things you own during your lifetime or after death so that you minimize taxes and maximize the value of your assets. Updating your estate plan regularly can reduce stress for heirs when it is time for them to follow the plan.

A financial best practice is to maintain a current plan for accumulating, protecting, distributing and transferring your assets during your lifetime and at your death. Here is a checklist of tasks to help you maintain a current estate plan.

• I have in place the appropriate tools for managing my finances if I am mentally or physically incapacitated
  • Tools to provide instructions for caring for my physical self
    • Living will
    • Durable power of attorney for health care
  • Tools to provide instructions for caring for my personal finances
    • • Joint tenancy with right of survivorship
      • Durable power of attorney for finance
• I have listed my assets and my debts.
  • I have listed the current fair market value of my assets.
    • I have listed the outstanding balance on debts.
    • I have listed how my assets and debts are titled.
    • I have calculated my net worth by subtracting the total outstanding balance of my debts from the total fair market value of my assets.
      • To calculate the value of your net worth during your lifetime, use the cash value of permanent life insurance policies.
      • To calculate the value of your estate at death, use the face value of ALL (term and permanent) life insurance policies in which you have a portion of ownership.
• I have decided who will get what and when during my lifetime or at my death.
  • Whom do you want to receive your assets?
  • How much do you want them to get?
  • When do you want them to get it (at your death; dispersed over several periods of time)?
• I have used the appropriate form of ownership for each asset because it influences how my estate is valued and how my property will be transferred.
  • Personal forms of ownership:  Sole owner, tenants-in-common, joint tenancy, joint tenancy with right of survivorship
• I understand asset transfer techniques:
  • • By law:  joint tenancy with right of survivorship
    • By will:  property owned as sole owner, portion of property owned as tenant-in-common, contracts payable to estate
    • By trusts
    • By gifts – real estate, cash
    • By contract – life insurance, retirement plan
• I have an estate plan for distributing and transferring my assets that I have created in consultation with appropriate financial professionals.
• I have prepared a letter of last instruction that includes the following:
  • Location of personal documents, financial papers & accounts
  • This worksheet can be used to identify where your important documents are located.
    • • I have used the appropriate form of ownership for each asset because it influences how my estate is valued and how my property will be transferred.
        • Personal forms of ownership:  Sole owner, tenants-in-common, joint tenancy, joint tenancy with right of survivorship
      • I understand asset transfer techniques:
        • By law:  joint tenancy with right of survivorship
        • By will:  property owned as sole owner, portion of property owned as tenant-in-common, contracts payable to estate
        • By trusts
        • By gifts – real estate, cash
        • By contract – life insurance, retirement plan
      • I have an estate plan for distributing and transferring my assets that I have created in consultation with appropriate financial professionals.
      • I have prepared a letter of last instruction that includes the following:
        • Location of personal documents, financial papers & accounts
          • This worksheet can be used to identify the location of important records.
          •  Location of Important Records Worksheet
        • Names, addresses, phone numbers of family, personal friends
        • Personal and financial professionals that need to be notified of death
          • This worksheet can be used to identify persons that need to be notified.
          • Professional and Personal Advisers
        • Names of people I wish to receive special things (jewelry, furniture)
        • Preferences for funeral and burial service and donation of body/body organs.  I have named personal and/or financial guardians for dependents.
      • In my estate planning documents, I have named an executor and/or trustee to handle the administration of my estate. I have provided an asset authorization and consent form for executor/trustee/beneficiaries to administer digital assets.
      • If I do not have a current estate plan, my assets will transfer by the law of intestate succession.
        • Spouse with no descendants – surviving spouse inherits entire probate estate.
        • Spouse and descendants – surviving spouse and children share equally in the probate estate.  The surviving spouse’s share may not be less than one-third.  If one child, spouse and child each get one-half.  If four children, spouse gets one-third, the four children split the two-thirds.
        • If there is no spouse, descendants inherit probate estate per stirpes.  Per stirpes means beneficiary’s share goes to his heirs.
        • If no spouse or children, it goes to both parents or the sole-surviving parent.
        • If no surviving parents, brothers and/or sisters inherit.  If siblings are deceased it goes to nieces and nephews.
        • If no parents, brothers, sisters or descendants, then grandparents are next in line.
        • If no grandparents, aunts, uncles, first cousins are in line.
        • In no surviving family members, it goes to the State of Georgia.
  • Names, addresses, phone numbers of family, personal friends
  • Personal and financial professionals that need to be notified of death
    • Professional and Personal Advisers
  • Names of people I wish to receive special things (jewelry, furniture)
  • Preferences for funeral and burial service and donation of body/body organs.  I have named personal and/or financial guardians for dependents.
• In my estate planning documents, I have named an executor and/or trustee to handle the administration of my estate. I have provided an asset authorization and consent form for executor/trustee/beneficiaries to administer digital assets.
• If I do not have a current estate plan, my assets will transfer by the law of intestate succession.  This is an example of one state’s intestate succession plan.  This is what happens if you have assets and do not have a will.
  • Spouse with no descendants – surviving spouse inherits entire probate estate.
  • Spouse and descendants – surviving spouse and children share equally in the probate estate.  The surviving spouse’s share may not be less than one-third.  If one child, spouse and child each get one-half.  If four children, spouse gets one-third, the four children split the two-thirds.
  • If there is no spouse, descendants inherit probate estate per stirpes.  Per stirpes means beneficiary’s share goes to his heirs.
  • If no spouse or children, it goes to both parents or the sole-surviving parent.
  • If no surviving parents, brothers and/or sisters inherit.  If siblings are deceased it goes to nieces and nephews.
  • If no parents, brothers, sisters or descendants, then grandparents are next in line.
  • If no grandparents, aunts, uncles, first cousins are in line.
  • In no surviving family members, it goes to the State.