#Estate planning accounts checklist how to#

The authority granted to the financial surrogate allows the individual to handle the principal’s finances until their capacity is restored. Like the health care surrogate, a financial surrogate will execute the principal’s wishes while they are disabled or lack the capacity to express themselves. All individuals are encouraged to consult an attorney before executing the documents available below.

Make a List of Personal Property and Other Assetsįlorida residents should follow this checklist to inform themselves on how they can prepare their estate for death, and to protect their health and financial interests should they become incapacitated and unable to communicate.

#Estate planning accounts checklist how to#

How to Create an Estate Plan in Florida (6 steps) To dictate how one’s assets will be administered, the principal can create an estate distribution document such as a Last Will and Testament or a Living Trust (Revocable). Selecting these surrogates can be achieved by completing a Durable Power of Attorney for Health Care and a Durable (Financial) Power of Attorney Form. The owner of the estate, referred to in this checklist as the “principal,” can appoint surrogates to handle their affairs and make decisions on their behalf should they become incapacitated. The more complete the information, the better equipped the attorney to come up with the best possible planning alternatives for you.A Florida estate planning checklist is a guide providing helpful information for those wishing to ensure the security of their well-being and prepare their assets for distribution after death. Be sure to review your assets and liabilities, so that your attorney will be able to formulate and analyze a thorough estate plan. A more efficient process results in reduced time spent on the matter, translating into reduced fees. The checklist also speeds up the estate planning process by making it more efficient. In general, using the checklist ensures that you, as the client, think through how to protect your family and assets, communicates your wishes to the attorney and engage in tax planning by allowing the attorney to develop tax saving strategies based on the information provided. Names and contact information of the fiduciaries (executor, trustee, guardian).Identify property to be distributed to such beneficiaries.Identify family and friends that client wishes to name as beneficiary.Beneficiary information (names, percentages, outright vs.The name, trustees, and assets of any trust held for benefit of client or family members or created by client.Important documents (prenuptial agreement, divorce agreements, deeds, tax returns, etc.).Life insurance information and names of beneficiaries.Retirement account information and names of beneficiaries.Debt information, including mortgages, installment loans, leases, and business debts.Asset information (types of accounts, account balances and how accounts are titled).Personal information (name, contact information, birthday and social security number for client and family members and list any disabilities or other special needs they may have).Common provisions found in the various forms are: By having more time to focus on end of life issues, you will be better able to make decisions at the meeting with your attorney. Many of the items contained in a Will can be emotionally difficult.

Additionally, the checklist causes you to begin thinking about the estate plan before the meeting. By doing so, you can gather necessary information regarding assets, liabilities and contact information. While the form can be completed at the meeting, you and your attorney may find it more effective to complete the checklist or questionnaire in advance of the meeting and provide a copy to the attorney. These checklists make the process easier for you. Many attorneys utilize checklists to assist their clients in gathering information. Of course, saving time equals saving money! Taking the time to gather estate planning information before meeting with an attorney can save a lot of time throughout the planning process. You are never too old to do a little homework.