Estate Planning Checklist: 10 Steps to Take Now

Estate Planning Checklist: 10 Steps to Take Now

Our estate planning checklist can help ensure you and your loved ones are protected.

Estate planning is designed to help protect you and your loved ones against unexpected events. It can save everyone both time and money, ensure you have what you need over the course of your life, and dictate how your beneficiaries are provided for in the event of your passing. As experienced Texas wills, trusts, and probate attorneys, we encourage you to follow this checklist to ensure you have the proper documents in place.

Your Checklist for Estate Planning Tasks

Regardless of the amount of money you have, whether you own property, or have a large or small family, it is important to have the proper estate planning documents in place. These help ensure you are prepared for unexpected events that occur in life. In addition to detailing how matters are handled upon your passing, estate planning documents can save you money and protect you in the event of serious illnesses or injuries, communicating your wishes if you are unable to do so yourself.

To make estate planning easier, the Motley Fool recommends following a checklist. Important tasks to attend to include:

  • Identify your goals in estate planning. This may include providing for loved ones or protecting yourself in the event of disability.
  • Make an inventory of your assets. Include income, financial accounts, personal property, and any real estate you own.
  • Identify potential risks. These may include high nursing home costs, creditor claims, or concerns over how your business would be managed without you at the helm.
  • Identify potential beneficiaries. Consider the friends and family members you would want to inherit from your estate.
  • Consider charitable contributions. You may want to provide for non-profits or other groups close to your heart.
  • Consider those with special needs: if you have a loved one who is disabled, you will need to make special provisions to ensure they are provided for.
  • Consider any estate taxes that may be required. Estate planning can help to reduce these debts.
  • Make plans for aging. You want to ensure you will be provided for in the event of long-term disabilities or if you need nursing home or other types of long term care.
  • Determine what assets need protected from probate: Avoiding Brazoria County Probate Court proceedings can save your loved ones both time and money.
  • Consider what estate planning tools are available. A valid and updated will is one of the most important estate planning documents. Unfortunately, the American Association of Retired People (AARP) reports that more than half of all adults do not have one in place. Trusts are also important as they can shield assets from creditors, protect beneficiaries, and help in disability planning.

Consult with Our Lake Jackson, TX Estate Planning Attorneys

Estate planning is complex but you do not have to do it all alone. To ensure you have the proper documents in place to protect yourself and your loved ones reach out to the Cordoba Law Firm, PLLC. To request a consultation, call or contact our Texas estate planning attorneys online today.