1. Your Will and any Declarations/Attachments/codicils. If you do not have a Will, it will be a good place to start to create an estate plan
2. Existing Powers of Attorney. If you do not have any, these can be developed.
3. Documents of any existing trusts, whether professionally created or created through an online source
4. Most recent statements for all bank checking and savings accounts; securities accounts; retirement accounts
5. Most recent federal and state tax return
6. Life insurance policies and beneficiary designations
7. Current beneficiary designations for all annuities; individual retirement accounts and employer sponsored retirement plans/pensions/stock purchase/bank accounts
8. Deeds to all real estate, including timeshare; vacation property; overseas property and property held in another state
9. List of unique personal property (usually items worth more than $3,000) and their suggested value, including special collections. Include here any known possible inheritance and any significant collection/item that you or your family have loaned to someone or to a museum.
10. Any premarital agreement(s) and support agreements
11. Information regarding ownership in a closely held business. Information about fiduciary responsibility you have.
12. Information about any bankruptcy agreement; patents held; royalties due; business contracts; liens and loans (including co-signatory on a school loan); foreign accounts held, litigations; divorce/separation agreements including support agreements.
13. Obligations you have for special needs individual, including commitments for nursing home and care facility fees
14. Arrangements for your pets in the event you are no longer able to take care of them
15. Information of digital assets, e.g. crypto currency
16. Information about any online business ventures
17. Information about any large outstanding debts,for example mortgages and loans
The above may seem somewhat overwhelming; however, by the process of compiling all the information in one place you have made a step towards creating a comprehensive estate plan.
Take each section separately and develop answers. Not all of the sections may apply in your situation.
As the planning process moves forward, other questions or information might arise, such as assets you held jointly with someone else and failed to list.
In addition, there would be discussions about your objectives/goals for your assets.
These discussions can include your family's financial well being and other needs such as the guardianship of minor children.
How will your assets be allocated upon your death; who will take over if you become disabled?
Questions about your charitable giving intentions. Federal and state tax strategies.
All of these discussions will evolve from the information provided. If you have a financial advisor, their input might be helpful.
A qualified estate planning attorney will guide you through the questions and answers to develop finalized documents tailored to your individual needs.
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