MOTLEY FOOL ESTATE PLANNING CHECKLIST HOW TO

You may want to avoid this, and that will require different estate planning techniques.

Decide whether avoiding probate is one of your goals: In most cases, assets transfer through the probate process, which can be complicated and expensive.

Determine whether you'll owe estate tax: The federal government and some states charge taxes on larger estates.

Determine whether your potential heirs or beneficiaries have any special needs: In some cases, you'll need to take extra steps to ensure that an inheritance is transferred appropriately and used wisely.Decide whether you want to make charitable contributions: You may want to make bequests in your will to a charity, or take other steps to give such as creating a foundation or a charitable remainder trust.For example, your minor children will need a guardian if you can't raise them to adulthood. And your loved ones may all have different needs. Identify the loved ones you want to provide for and protect: There may be many people in your life whom you need to consider in your plan, including not a spouse, children, friends, and even pets.You need to know what risks you face and mitigate them. Identify the risks to your assets and make plans to protect them: If you lose your wealth because of high nursing-home costs, because of creditor claims, or because you don't make a business succession plan, then you'll undermine your efforts to leave a legacy.List the asset you want to include in your plan: When making a plan, you need to consider all of the money and property you own either independently or jointly.Identify your goals for creating an estate plan: Do you want to provide for your family, protect assets, prepare for incapacity, take control of your legacy, or do all of the above?.The steps involved in making an estate plan include the following: If you're unsure where to get started, or if you want to learn more about the most important aspects of estate planning, this guide will help.

Making an estate plan involves way more than writing up a will, and you should ideally get legal help with it so you can use the right estate planning tools in the right way.

MOTLEY FOOL ESTATE PLANNING CHECKLIST HOW TO

Unfortunately, far too many people don't know what a complete estate plan includes or how to go about creating one. Estate planning helps to protect your family and your assets in any of these unfortunate situations.

Motley fool estate planning checklist