Estate Planning Checklist

An important part of any elder estate planning is to first make an estate planning checklist. Why? For those who will need to assist you. Do not assume that your spouse, children, or other family members can just take charge and make decisions for you, should something occur. There are legal and end-of-life matters that need to be made in advance, preferably with your loved ones, while still capable.

If you are helping a loved one and some of these issues are sensitive, ask their doctor or to help you discuss these elder estate planning issues.

You don’t have an estate planning checklist and hardly know where to begin? Well, we’ve developed one for you. Whether you’re doing your own or helping a loved one, just go through the list below. We have included general information you’ll need, besides the actual legal and financial estate planning information involved. You’ll get a pretty good idea of what estate planning information you will need.

Where Are Your Documents?

Are your important papers all over the place? Or worse, you’ve lost them or don’t have some of them at all? That can spell Nightmare for you or anyone trying to help you in a crisis. A big part of your estate planning checklist is getting your documents in order. If you are assisting a loved one, it is important that they be involved in this process. The following are some of the important documents needed for proper elder estate planning. The first step is locating and getting them together.

• Copy of birth certificate, preferable certified.
• Social Security card.
• Medicare card (if any).
• Health and dental insurance card(s).
• Income tax returns
• Marriage license
• Divorce decree
• Auto / vehicle insurance card.
• Power of Attorney.
• The Will.
• Living Will.
• Healthcare Directive.
• Attorney – List name, address, phone.
• Bank information – Name of bank, address, phone; account numbers and access codes, as appropriate to Power of Attorney and Executor responsibilities.
• IRA, pension, all retirement fund information, as appropriate.
• Financial Advisor – List name, address, phone.
• Accountant – If different from the above.
• Insurance agent – List name, address, phone.
• List of all medical conditions.
• Doctor information – Make a list of all doctors with names, addresses and phones. Indicate who specifically is treating the conditions listed above.
• Privacy Release Form – Gives loved ones permission to discuss medical information with your/their doctors. You can get one from a doctor, complete it, and file it with each doctor’s office.
• List of medications – Include daily or weekly dosage, which doctor prescribed it, and which pharmacy.
• Prescription for eyeglasses or corrective lenses, name of eye doctor, etc.
• List of allergies – Include food, medicine, other.
• Copies of life insurance policies.
• Copies of long-term care insurance policies.
• Copies of actual health and dental insurance policies outlining coverage and parameters.
• Copies of homeowners insurance policies.
• Copies of auto and vehicle insurance policies.
• Any other insurance information.
• Employer information, if you or your loved one are working.
• Business information, if you or your loved one own or are in partnership in a business.
• Military discharge
• Citizenship documents
• Information on all sources of income.
• List of credit cards, contact information, and amount owed.
• List of all debts, contact information, and amounts owed.

If this estate planning checklist seems daunting, do not panic. Yes, it is all important. But take it step by step. If you feel the sands are running out, get help. Start with the easiest and most important items. Work on it a little bit every day if you can, at least every week. Before you realize it, you’ll have it completed. You and your loved ones will have additional ideas as you proceed, depending on individual lifestyles and circumstances. And, of course, you want to place all important documents in a safe place, such as a safety deposit box in a bank. Family members should know where they are kept. Whoever is designated for power of attorney or as the Executor of your estate would also have copies, and access to the originals.

In addition to your estate planning checklist, it is important to have information easily on hand for emergencies. If you or your loved one has or is in danger of developing serious medical conditions, it is a good idea to make a chart of important information to hang on the refrigerator for family and any EMTs (Emergency Medical Technicians) who may need to assist. This should include your name, address, phone, date of birth, social security number, medical insurance information, doctor and pharmacy names and phone, primary contact’s information, and whether there is a living will and/or durable power of attorney. You may add any other information you think is necessary.

If you need further details on some of the legal and financial items listed on our estate planning checklist, See our Estate Planning Guide for guidelines for some of the important legal documents listed above. After you have a basic understanding, it is best to have an attorney, and sometimes a financial planner, assist you.

But don’t delay with this process. Once it is finished, you will breathe a sigh of relief and will know you are not leaving a poor estate planning disaster as your legacy. Then it’s just a matter of reviewing and updating your plan as needed.

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