Checklist for Protecting Assets

STARTING AN ESTATE PLAN

While an attorney is absolutely essential in preparing an effective estate plan which will provide financial security in your life and beyond, the following steps will help to ensure that the plan properly addresses your individual needs and concerns:

Gather Information

The more information you provide to your attorney in the initial meeting, the more effective your attorney will be in formulating your estate plan Accordingly, it is essential to gather the following information:

• List of Assets - All real and personal property (stocks, bank accounts, etc.) including the value of each asset, how each asset is titled (individual, joint, co-tenant) and the amount of any mortgages or liens against the property.

• List and value of life insurance policies, pension and profit sharing plans and individual retirement accounts and the beneficiaries of these holdings

• Family Information - Marital status, minor children, spouse or children with special needs

• Legal Documents - Copies of (1) existing Wills, (2) divorce decrees and/or prenuptial agreements, (3) life insurance policies, (4) existing trust instruments and (5) prior year's gift tax returns, if any.

Who Should Inherit Your Property?

• Personal effects or sentimental items (jewelry, collectibles, etc.)?
• Charitable donations?
• Are your children or spouse prepared to handle money or property?

Choose Fiduciaries

These individuals will assist in carrying out your wishes in accordance with the estate plan:

• Personal Representative - one or more individuals who will administer your estate in accordance with your Will and in compliance with state law.
• Trustees - one or more individuals who control the assets of any trust created under your Will.
• Guardian - the individual who will take care of your minor children.

Names and Addresses of Professionals Who May Be Consulted:

• Accountant
• Insurance Agent
• Other Financial Advisor