Estate planning checklist

By Jennifer Ng

Here are 12 steps on preparing your estate plan.
1. Arrange your will.
Without a will, your estate will settled in probate court.
2. Gather all other records for storage.
3. Use estate planning softwares.
Many of these softwares can help you to at least get started on the planning. It helps save time and gives an attorney sufficient information to create legal documents. After, have a lawyer review the documents.
4. Have a witness (not your beneficiaries) for your will.
5. Have an estate lawyer review your plan.
6. Keep your beneficiary designations (assets that do not pass under a will) updated.
7. Assign an executor to distribute the assets.
8. Find a custodian for your children.
9. Sign only one set of documents, witnessed, and notarized. You can make extra copies to keep on file.
10. Update and review your estate plan every few years because laws change and so your planning may be out of date.
11. Don’t keep the insurance policies in a safe- deposit box.
12. Choose the right kind of joint ownership (3 kinds) based on your estate planning needs.

Sources
http://articles.moneycentral.msn.com/RetirementandWills/PlanYourEstate/12easyStepsToPreparingYourEstatePlan.aspx

http://rfa.rutgers.edu/rfa-pep2.html
http://www.abclaw.com/steps.htm