#Estate planning checklist ted talk series#

Not every estate plan needs every element. Once you know what’s possible, you can select the elements that apply to your life.

The bottom line is that anyone can benefit from meeting with an estate planning attorney to discuss their current situation and hopes for the future. This avoids the difficult process of having the court appoint a guardian. If you’re a parent, you can appoint a guardian for minor children or disabled dependents in a will or trust. Any assets can be covered in a will, from heirlooms to the family business to Uncle Johnny’s coveted Jet Ski.Īlso, an estate plan lets you explain the type of medical care you want to receive if you become incapacitated. Estate planning is not just about passing on large amounts of money or real estate. Minimizing tax and/or probate implicationsĪ common yet incorrect belief is that estate planning is only for the rich. Planning for succession of business ownership Managing and distributing assets after death Providing for ongoing care of minor or disabled heirs if you become incapacitated or die Offering directives for health care in certain dire medical circumstances What are the functions of an estate plan?ĭelegating decision-making power for legal, financial, or medical transactions

#Estate planning checklist ted talk series#

Estate planning basicsĪn estate plan is a series of financial planning steps that you undertake to address the health, financial, and family issues most people face as they get older. Then scroll down further to find details and recommendations for each section. If you’re starting to plan your estate, consider this estate planning checklist. The benefits of an estate plan have become especially clear in recent months. And if life teaches us anything, it’s to expect the unexpected. However, illnesses and accidents can happen to anyone, anytime. Nobody wants to think about becoming sick or dying at a young age.

Others don’t feel comfortable discussing the death of a loved one. Some believe they don’t have enough wealth to need an estate plan. Estate Planning Checklist Historically, many people have shied away from estate planning.