Adjust Text Size
small medium big

Tips for Preparing Your Estate Plan

Written by Nickel - 2 Comments
  •  Tip It!

As a followup to my earlier post about needing a will, I ran across a list of tips for preparing your estate plan. Among the twelve easy steps are…

(1) Prepare a will (duh!).
(2) If you’re 21 or older, make sure that you have a durable power of attorney and a health care proxy.
(3) Use estate planning software to make initial preparations (getting your ducks in a row saves billable hours). Even if you use such software to prepare your final documents yourself, make sure you have your attorney review them.
(4) Get your will notarized with the proper number of witnesses (check local laws) — and don’t have a beneficiary sign off as a witness.
(5) If you already have an estate plan, review and update it whenever you have a change of family status.
(6) Make a list of all assets and liabilities.
(7) Name an executor, and make sure they’re up to the task.
(8) Choose a guardian for your kids.
(9) Have only one set of signed, notarized documents. Keep copies for your files.
(10) Review your estate plan every few years and update as necessary. Even if you situation hasn’t changed, the laws might have.
(11) Don’t keep insurance policies in your safe deposit box — this delays filing for a death benefit.
(12) Make sure you have the right type of joint ownership for jointly owned assets.

I’ve actually heard that #11 applies to things like your will, too. In many states safe deposit boxes are sealed upon the owner’s death, and you may need a court order to open them — the IRS likes to peak inside, too, as stuffing a safe deposit box full of cash is a great way to avoid estate taxes. Locking your will inside slows everything down because there’s no accessible, legally binding record of the executor, etc.

Published on June 17th, 2005 - 2 Comments
Filed under: Planning

About the author: Nickel is the founder and editor-in-chief of this site. He's a thirty-something family man who has been writing about personal finance since 2005, and guess what? He's on Twitter!

Related articles...

» One Year Ago This Week (June 11th – June 17th)
» From the Archives (June 17th – June 23rd)
» From the Archives (June 8th – July 5th)
» Last Will and Trust (at Last!)
» Hurricane Preparation and Survival Tips
» Fixing the Estate Tax Situation
» Preparing For the Unexpected
» Should You Write Your Own Will?

Was this article useful? Please sign up to receive our content via e-mail:

You will receive only the daily updates, and can unsubscribe at anytime.

2 Responses to “Tips for Preparing Your Estate Plan”

  1. 1
    Jon Green Says:

    Any recommendations on estate planning software? I’ve used Quicken Family Lawyer for making a will.. opinions on that?

  2. 2
    nickel Says:

    I’ve never used Quicken Familly Lawyer, so I can’t comment. Anyone else?

Leave a Reply

Top Cards by Category

 
Apply now for Chase Freedom® Visa - $200 Bonus Cash Back

Earn $200 Bonus Cash Back after you make $500 in purchases in your first 3 months. 5% Cash Back on up to $1,500 spent in bonus categories each quarter.

 
Apply now for http://www.fivecentnickel.com/rewardpoints.html

Receive 10,000 Membership Rewards bonus points when you spend $500 in your first three months of card membership. Redeem bonus points for gift cards valued at $100. This is a charge card with no pre-set spending limit.

 
Apply now for Platinum Card® from American Express

Earn 25,000 Membership Rewards(R) bonus points when you spend $1,000 in your first three months of Card membership.

 
Apply now for http://www.fivecentnickel.com/lowratebalancetransfercreditcards.html

Enjoy a 0% introductory rate for 18 months on Balance Transfers and 6 months on Purchases. Earn up to 5% cash back in categories that change.

 
Apply now for Discover® More Card - $0 Balance Transfer Fee!

Enjoy no balance transfer fee for a limited time. 0% introductory rate on Balance Transfers and Purchases. Earn up to 5% Cashback Bonus in categories that change like gas, restaurants, department stores and more. Limitations apply*

 
Apply now for http://www.fivecentnickel.com/lowrateplatinumcreditcards.html

Enjoy no balance transfer fee for a limited time. 0% introductory rate on Balance Transfers and Purchases. Earn up to 5% Cashback Bonus in categories that change like gas, restaurants, department stores and more. Limitations apply*

 
Apply now for The Business Platinum Card® from American Express OPEN

Enjoy amenities for you and your business, like: complimentary airport club access, including American Airlines Admirals Club(R) lounges.

 
Apply now for http://www.fivecentnickel.com/studentcreditcards.html

5% Cashback Bonus in categories that change like gas, restaurants, department stores and more. Limitations apply*. Up to 1% unlimited Cashback Bonus on everything else. No annual fee

 
Apply now for American Express Premier Rewards Gold Card

Earn 3X points on airfare, 2X points on gas and groceries, and 1X points on everything else.

 
Apply now for http://www.fivecentnickel.com/credit-cards/credit/bad

Reports to 3 major credit bureaus monthly and acceptance at millions of locations worldwide, including website purchases and reservations.

Previous
Pause
Next

FiveCentNickel User Survey