An Estate Plan Checklist

Estate Plan Checklist Millman Law Group

We hope that you find this estate plan checklist helpful

Today we’re offering an estate plan checklist. While this checklist may not be exhaustive, it’s a helpful guide to streamline your thinking regarding estate planning. If you’ve researched estate planning, you understand how significant it is to have one, especially if you want to carry on your legacy. However, sometimes it’s challenging to know where to begin. For that reason, you can count on Millman Law Group. Here are the steps you must consider.

Make a Will

The purpose of a will is to state who you want to take over or inherit your property. In a will, you can also name who you want to take care of your children if both you and your spouse passed. 

Think About a Trust

When you hold your property in a living trust, it means that your loved ones won’t have to deal with going through probate court, which can be a time-consuming and costly process. 

Write out Health Care Directives

Health care directives ensure that you have protection if you can no longer make medical decisions for yourself. A health care directive involves having a living will and a durable power of attorney for healthcare. A durable power of attorney is the person that you chose to make decisions if you can’t. These documents rolled into one is called an advance health care directive. 

Pick Your Beneficiary and File a Form

Once again, if you want to help your loved ones skip the probate process, you should name a beneficiary that will manage your bank accounts and retirement plans after you’re gone. You can register your stocks, bonds, and brokerage accounts over to a beneficiary in each state. 

Have a Life Insurance Plan

A common misconception is that you need not consider life insurance if you’re young and healthy. However, planning for the future means now more than ever due to the pandemic. Therefore, if you have children, you should have a policy. Even if you’re single, a life insurance plan is necessary. It takes away a lot of financial burden regarding funeral expenses and can help alleviate any debts if you leave any behind. 

Protect Your Company

If you’re the sole proprietor of a company, then you should have a succession plan. If you’re not the only key player of your company, you should organize a buyout plan. 

An estate plan can be complicated but doesn’t have to be daunting when you hire professionals who only want to help put you in control of your future and your family’s future. 

An Estate Plan Made Easy With Millman Law Group

Millman Law Group, PLLC is rare because it’s one of the only law firms that offer life planning in South Florida. From life care planning to the preparation of detailed estate plans, Millman Law Group has committed to serving Floridian elderly communities in Boca Raton, Palm Beach County, Ocean Ridge, Hillsboro Beach, and many other areas since 2018. Our dedicated team also specializes in special needs trusts and catering to any age demographic because we know for certain it’s never too early to start preparing you and your family for your future. For the latest news in estate planning and elder care law, follow us on Facebook, Twitter, Linked In, and Pinterest. You can also contact us at 561-463-6480.