The COVID – “19” Essentials For Your Estate Plan

The COVID – “19” Essentials For Your Estate Plan

Dealing with the COVID-19 pandemic has tested us all in so many ways and placed an emphasis on making sure we all have proper planning in place should the worst happen.   Below are 19 estate planning components you should consider having in place and/or readily accessible to ease the burden on your loved ones in the event of incapacity or death:

  1. Last Will and Testament
  2. Revocable Trust
  3. Advance Directive: Appointment of Health Care Agent (aka Health Care Power of Attorney)
  4. Advance Directive: Treatment Preferences (aka Living Will or Health Care Instructions)
  5. Financial Power of Attorney
  6. Funeral Instructions
  7. Letter of instructions to the designated guardians of your minor children
  8. Instructions regarding the care of your pet, including veterinarian and caretaker information
  9. Tangible Personal Property Memorandum (i.e. designate who you want to inherit specific items of your tangible personal property upon your death)
  10. List of valuable items of tangible personal property that should be appraised and sold upon your death (i.e. not just thrown way by family members who do not know the value)
  11. Contact information for your trusted advisors (i.e. attorney, accountant and financial advisor)
  12. Asset Inventory
  13. Digital Memorandum (i.e. list of your online accounts, including log in information and instructions for how each account should be handled upon your incapacity or death)
  14. Life Insurance
  15. Long Term Care Insurance
  16. Contact information for family members and friends who should be notified upon your incapacity or death
  17. Updated beneficiary forms for all retirement accounts and life insurance policies
  18. Vital Records (i.e. driver’s license, birth certificate, marriage certificate, divorce decree, death certificates for predeceased family members)
  19. Documentation for all taxable gifts (i.e. gifts over the annual exclusion amount)

This list is meant to be a general overview of some estate planning considerations.  Contact us for a free consultation to discuss your circumstances so we can help you design an estate plan uniquely tailored to fit your specific needs.