Estate Planning Lawyer Checklist

If you've taken the time to amass a nest egg-no matter the size-then you should also take the time to get your affairs in order before you die. The following estate planning checklist will help ensure your assets go to whom you want and that last wishes are realized.

Estate planning describes the plans you make to settle your debts and distribute your property after you die.

Your Estate Planning Checklist

Determine your net worth. Net worth is the value of all your assets, such as cash, stocks, retirement savings, real estate, art and furniture, minus what you owe. What you owe is your debt, which could include a mortgage, student loan, car loan and credit card debt. Net worth should also include the value of any life insurance policies.

Catalogue Records and Valuables. An important step in estate planning is inventorying assets and important documents. First make a list of financial accounts, including:

• Bank accounts
• Insurance policies
• Investments.

Then write down where one can find important documents. This includes:

• House Deeds
• Car Titles
• Birth Certificates
• Marriage Certificates
• Estate Planning Paperwork.

Next, write down personal information, including:

• Driver's License Number
• Social Security Number
• Birthdate
• Family Members' Contact Information.

Lastly, catalogue your debt, such as auto loans, home mortgages, business-related debt and credit cards. Family members will need to resolve your financial debts upon death.

Then draft your estate planning document with a lawyer.

A lawyer can certify important documents, offer strategies to avoid probate and keep you abreast of the latest estate planning laws. In estate planning, you should:

• Write a will. This simple act lets you choose who gets your money and material possessions. If you have children, you can also choose who will become their legal guardian.
• Write a living will to ensure your medical wishes are followed if you become seriously ill and are unable to speak. This is also called an advance healthcare directive.
• Name an attorney in fact, using a power of attorney document, for healthcare and for your legal and financial dealings. These documents establish who makes legal, financial and medical decisions for you if you become unable to do so.
• Establish a trust if you are leaving any portion of your estate to minors or disabled family members. As an important tool in estate planning, trusts ensure certain property and assets are held and distributed to beneficiaries. They can also help minimize taxes and keep assets from creditors.
• Buy and review insurance policies. To ensure immediate cash to family members, buy a life insurance policy and name beneficiaries. Also, buy medical insurance to avoid costly medical bills.
• Periodically check your retirement plans, including IRAs, 401(k) or pension plans, to ensure the right beneficiaries receive these benefits.
• Take care of business assets. If you're a business owner, have your lawyer draw up a legal document detailing who gets your business. This document should also note how control of that business is transferred to another person.
• Write down funeral instructions so family members know your wishes for your funeral. This document could also include information on where to find important paperwork, such as your will and financial account information.

Once you've completed these tasks, you can rest assured the transfer of your estate will go smoothly.