Estate Planning | Estate Planning Checklist

Estate Planning | Individuals with a family as well as those without are often very interested in securing their estate plan so that it creates a legacy that does justice to the things they cared about in life. Estate planning can be complex, which means those who want to secure their plan need to carefully assess their options and make sure not to miss a step. Concerned individuals can begin by going through this basic estate planning checklist.
1. Create the basic plan. A basic estate plan outlines the individuals, groups and organizations that the planner wants to leave property to after he or she passes on. When creating a basic plan, one should write down the names, ages, addresses and relationships of the individuals they wish to leave property to as well as the full contact information for any organizations.
2. Consider the tax ramifications. Even if an individual's estate meets the estate tax exemption they should still consider the potential tax ramifications of leaving assets to a certain individual, as those assets will eventually become a part of that persons estate, and could create an estate tax situation.
3. Designate an executor. An estate plan can involve complex instructions to liquidate assets and distribute property. It’s imperative to name a trusted executor who is up for the responsibility.
4. Don’t forget retirement plans and life insurance policies. Some accounts, such as IRAs and insurance policies have their own named beneficiaries. Planners should be sure to consider who is named on these documents and factor that into their other estate planning considerations.
Creating an estate plan isn’t something everyone should take on alone. Having the guidance of a legal professional can help individuals avoid issues such as taxes and probate while also allowing one to create an estate plan that is less likely to be challenged in court.
Don’t wait! We can assist you with all of your estate planning legal needs. Call to schedule an appointment with one of the top estate planning attorneys Tampa has to offer! Tampa office at 813-367-1500 or send us your questions online.