Motley fool estate planning checklist free#

Sometimes the estate plan is thought off as only being beneficial to other after you’re gone but planning can be useful to have in place in case you become incapacitated. You are probably hoping for a painless passing that will come at an appropriate age, but we cannot control what will come in the future and it is important to be prepared for other scenarios. It doesn’t have to be a definitive list because it can always be changed. You will most likely prioritize your family, but you should also think about who you might want to receive some of the smaller assets and especially those of particular sentimental value. It doesn’t have to be one single person that inherits everything, but it can be several people that will inherit several different parts of your estate. who are the people that will receive assets from your Estate Plan after your death.ĭeciding who from your family and friends will be a beneficiary is one of the most important aspects of Estate Planning. Now that you’ve considered your family’s needs, it’s time to decide who will be beneficiaries, i.e.

At the end of the day, people don’t do Estate Planning for selfish reasons, they do it to take care of their family. This step is very important because it will keep the end goal of your Estate Plan into perspective.

Motley fool estate planning checklist free#

Consider Your Family’s NeedsĪfter considering your assets we recommend you consider your family’s needs? What type of life do you wish for your family after you pass away? Are there any specific accommodations you’d like for your family?įeel free to write down the answers to these questions on a piece of paper. ○ 401k, Roth IRA, and Other Retirement Accounts And don’t forget to assign a nominal value along with the listings as this will come in handy later. This includes cars, homes, bank statements, life insurance policies, and also debts. No matter how little or how much you own, listing everything is very important if you want to leave things orderly after your passing. What are Assets-property owned by a person or company, regarded as having value and available to meet debts, commitments, or legacies.Īs a first step, we recommend listing everything you own that you wish to pass on as well as its corresponding value.

Here is our checklist to help guide you through the Estate Planning process. It’s understandably confusing for many people, but it doesn’t have to be. Thinking about Estate Planning? There’s so much information out there that it can be overwhelming. A Guide Through the Estate Planning Process