Checklist for Creating or Updating Your Estate Plan



Every individual owns some estate, no matter big or small. Estate planning is done to ensure all your properties or estate falls into the hands of the people you care for if anything happens to you.

Estate planning involves hiring an estate attorney and including all the people and organizations you want to receive some part of your estate after you die. It is a bold step but it is nonetheless important to ensure your loved ones feel secure and that your earned estate falls into the right hands.

Estate Plan

Here’s a checklist you can use to help plan your estate effectively.

Defining Your Medical Requests

It is a medical request made by you, as the principal, the health agent, who will decide the treatment you want to receive if there is any incident that prevents you from making your own decision. For instance, if an accident renders you in a coma, you can state whether you want to stay on artificial life support or not.

In such cases, a health care agent will act on your behalf and make decisions for you. To appoint a health agent, the principal does the formalities to complete a health care directive that includes an attorney with medical power. Your medical’s medical authority or the Power of Attorney allows you to choose your health agent and complete your advanced health care directive.

The signing requires the principal, the health care agent, and should be acknowledged in the presence of a notary public. The signing amount in California is between $ 4000-$ 5000.



Establishing Financial Requirements and Preferences

It is necessary to ensure that all financial emergencies and interests are taken care of during any financial need. Whether it is a medical emergency or any financial emergency, it is crucial to appoint a financial agent who will handle all your financial affairs.

The financial agent is liable to pay all your debts, conduct business, and execute all financial needs based on your priorities. You should always provide financial preferences to the person you give your financial power of attorney, as it will help him make decisions based on those preferences. The powers included in it are:

  • Real property
  • Banking and financial institutions
  • Bonds, deposits, and stocks
  • Tangible personal property
  • Insurance, trusts, commodity, and other beneficiary transactions
  • Annuity and claims

Describe Your Assets and Beneficiaries In Your Estate

Creating a list of valuable items and assets while preparing your estate plan is essential, and it is also vital to mention this information with your estate attorney. Mention all your financial accounts, investments, valuable items, and personal property, and mention the beneficiaries of these assets after the principal’s death.

Choose your beneficiaries wisely to ensure all your heirs get a share in your estate to avoid conflicts after you have passed. After choosing your beneficiaries, communicate the same with them, make them aware of your decisions and sign the final paper in the presence of all your heirs.

After completing the whole process of planning your estate, sign the final deed in the presence of your health agent, financial agent, and heirs. Estate planning is a thoughtful and smart decision to protect your estate and your loved ones after your death. It will also help protect your family against any financial instability during your absence.

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