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Craft an estate plan checklist

On Behalf of | Apr 13, 2022 | Uncategorized

Estate planning involves some work, but the process might not be as challenging as some believe. Thorough organizational skills might help someone devise a comprehensive estate plan that follows Indiana law. Creating a checklist could help put the plan together effectively.

Reviewing assets, obligations, and estate management

Writing a will likely helps to take a complete inventory of assets and obligations. Settling estate debts serves as a prerequisite before distributing assets to beneficiaries. Compiling detailed records noting what assets exist, where they are, and what debts require settlement could make probate easier.

Persons with significant or complex assets might wonder if their beneficiaries can manage things. A will might not be as appropriate as a trust in such situations. A trust would ensure the deceased’s wishes and directives continue after their passing, unlike a will where assets transfer to new ownership and complete authority.

Not everything goes through probate. Insurance policies and accounts with transfer-on-death beneficiary designations require little more than a death certificate and submitting the required paperwork. Putting a file together that lists such items would also be helpful.

Also, it may be necessary to update beneficiary designations on the transfer-on-death account. The currently listed beneficiary might not be someone the account-holders want to keep in place anymore.

Further duties and estate plan checklists

Estate planning steps involve choosing the right people to handle various responsibilities. The executor of the estate becomes the administrator and representative. Selecting the best person for the job could avoid problems.

Keep the original will, copies of the will, and copies of all other estate-related documents in a secure location. Make sure the executor knows where these things are located.

Reviewing all documents to make sure they are compliant with state laws is advisable. A professional review could uncover problems with the papers, leading to corrections and revisions.