Your Go-To Checklist for Estate Planning

Brad Smith • Jun 29, 2020

Estate Planning 101

When it comes to estate planning, there are a lot of things to do before everything is completely in order. Even if you have gone through the process, it is always good to check and update your plans accordingly. Here are some things to look for while planning. 
First, you must consider a few things on your current estate plan: 
  • Has anything changed? i.e. Divorce/ Death of loved one?
  • Is the current estate plan structured in a way that will promote efficient administration and minimize family effort and expense, or even controversy, at my death?
  • Is my Power of Attorney and Living Will up to date?
  • Will my qualified retirement account(s) pass to my beneficiaries in a protected and tax-efficient manner, considering recent legislation?

Check your Estate Plan for changes

Next, look for significant law changes in regard to estate and retirement account planning. In 2018, significant changes to the federal gift and estate tax system went into effect. For those who implemented their estate plan prior to the legislation, these new laws could lead to unintended consequences and even tax inefficiencies.

  • SECURE Act
  • The SECURE Act is now updated so when both spouses die, the money will be distributed to beneficiaries faster than before.



  • Veterans Benefits



Estate Planning for the future of your family

Lastly, there are non-tax concerns to consider. A thoroughly considered estate plan is important for the future of the family. This thorough planning can help ensure that:


  • The time leading up to your death is the least stressful and difficult for the family


  • That the estate is settled in an efficient and cost-effective manner



  • Beneficiaries are protected from lawsuits or divorce after death. This is what will be the most central point of thought when planning.



While estate planning can be hard, and it may not be easiest thing to do, it is imperative to complete for the sake of your family. We never know when it is our time to go. However, with careful planning, your family and friends will not stress about those details.



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