Last Updated: August 17, 2009
- Start by reviewing estate assets and debts
- Decide where you want assets to go
- Start work with a financial planner and attorney
- Draft or update a will
- Choose a qualified executor for will
- Choose guardians for children
- Secure a durable power of attorney
- Draft a living will
- Obtain a medical power of attorney
- Consider creating one or more trusts
- Review ownership of assets
- Review insurance for protection of estate assets
- Consider annual gifting
- Consider paying heirs' tuition or medical bills
- Determine whether to sell or pass on family business
- Plan for succession of business
- Discuss estate plan with heirs, and revise if appropriate
- Write a letter of instruction
- Keep organized financial records
- Review estate plan periodically
- Coordinate estate plan with qualified estate planning attorney and financial planner
