#Estate planning checklist 2018 update

Both ensure your property is divvied up according to your wishes but the major difference and benefit of a trust is that the assets avoid probate which saves time, court fees and potentially reduces estate taxes. A will or trust is an essential component of any estate plan.

#Estate planning checklist 2018 update

Once you’ve determined its time to create or update your estate plan, what exactly should it include? While estate plans are as unique and custom as your financial situation, there are six items every estate plan should include:

And younger professionals or those who spent years building a career and their investments may have deferred estate planning, thinking it was not a top priority.

This can include things like lifetime planning as the family grows, as well as the dispersing of property upon death or when the family structure changes, such as in the case of divorce. Your Estate Planning ChecklistĪlthough most people know that an estate plan can help you evaluate your financial needs and assets to make sure that your heirs are provided for in the best possible way, it often isn’t kept up to date with life changes. Minimize the challenges by facing the most important aspects of estate planning now. Planning ahead can help you avoid family conflicts, unexpected taxes, higher costs and other potentially devastating consequences. One key way to help ensure that your assets cover your expenses and go where (and to whom) you want them to is to work with your financial advisor on estate planning.Įstate plans are beneficial for everyone, no matter your estate’s value or your net worth. But when that lifetime ends, you want to make sure your legacy continues and what you leave behind is not tied up in courts and spent on taxes and fees. You have spent your lifetime building your estate, investing funds, allocating assets and planning for the future.