Hyden, Miron & Foster, PLLC Law Blog

Monday, February 14, 2022

Your Estate Planning Checklist

Have you decided it is time to put a strong, comprehensive estate plan in place? If so, congratulations on taking an important step towards protecting your future and that of your loved ones. Beyond the initial decision to set up an estate plan, you may not be sure what to do next. Get in touch with an experienced, knowledgeable estate planning attorney and, in the meantime, begin working through this estate planning checklist to be as prepared as possible for the process ahead.

Your Estate Planning Checklist

A good first place to start is by gathering information about all of your assets. Compile a list of your assets as well as the value of each asset. Yes, this can be a bit of an involved step and can take some time. That is why it is best to get started on this prior to meeting with your estate planning attorney. A big part, although not the only part of your estate plan will be your asses, how you wish them to be distributed, and to whom you wish them to be distributed.

This brings us to the next item on your checklist and that is to decide who you want to receive what asset. You may want the bulk of your estate to go to your family, a beloved friend, or even a charity. You may want very specific assets, such as a family heirloom, to be entrusted to the care of your child or another relative. Think about where you want all of your assets to go and write your beneficiary designations on the list of assets you are working on. You may even want to consider including an explanation as to why you wish certain assets to go to certain people. This can help your loved ones understand your wishes after you pass away.

There are also a number of tough medical decisions you will need to make during the estate planning process. Begin reflecting on who you would want to make medical decisions on your behalf should you ever become incapacitated. Additionally, consider what type of medical interventions you would want or not want to receive should you be in a terminal medical state and unable to communicate such preferences for yourself.

There will be several important roles of responsibility to which you will need to designate trusted people to take on in your estate plan. Your health care surrogate, the person tasked with making medical decisions on your behalf should you be incapacitated, is one of them. There is also likely to be a need to appoint an agent pursuant to a durable power of attorney, another key estate planning tool which allows you to select a trusted individual to carry out business on your behalf. You will also need to choose a personal representative who will be in charge of administering your estate after you die. These are all important roles and you should carefully consider who is best suited to taking them on.

Estate Planning Attorneys

For an estate plan you can count on, the experienced team at Hyden, Miron & Foster is here for you. Contact us today.

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