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The Estate Planning Checklist | What You Should Know

If you are looking to begin your estate planning journey, you will need to take note of the below checklist to learn more. Our Putnam County estate planning attorneys.

What is the estate planning checklist in New York?

  1. Last will and testament: This is used to determine who will inherit certain assets and property in the event that you pass away. This includes real estate, personal possessions, bank accounts, and investment accounts. The recipients of your assets are called your beneficiaries.
  2. Revocable living trust: A revocable living trust refers to a legal instrument that authorizes you to distribute your assets after you die. A revocable living trust is a legal entity that “owns” the property you put into it while still allowing you to use and control that property while you are alive. After you die, assets in a revocable living trust can be dispersed to your heirs.
  3. Beneficiary designations: There are some assets that can skip probate and instead move straight to a beneficiary after you pass away. These kinds of assets are named non-probate assets and include 401(k) accounts, pensions, and life insurance policies.
  4. Advance healthcare directive: An advance healthcare directive lets you draft how findings should be made about your medical care if you’re ever unable to make those decisions yourself. There are typically two parts: a living will and medical power of attorney.
  5. Financial power of attorney: With an economic power of attorney, you can provide a person with the legal authority to manage your finances and property for you. These tasks could include paying bills, making bank deposits, and managing your real estate property.
  6. Insurance policies and financial information: It is helpful to keep your insurance policy papers together, including those for life, health, car, and home. You should also keep a list of all your financial accounts and instructions to access them. This involves bank accounts, credit cards, mortgages, loans, tax returns, pension plans, retirement benefits, and investment portfolios. You can keep this information in a spreadsheet or write it in a notebook and keep it with your other estate planning documents.
  7. Digital account logins and passwords: An individual under 70 years old is thought to have more than 160 digital accounts. To help address them, you may want to consider using a password manager or digital vault. These platforms can help you keep track of your login information for all your online accounts. It is also common to name a digital executor in your will. A digital executor distributes your digital assets and handles or closes digital accounts after you pass away.

If you are interested in learning more about your estate plan checklist, reach out to our experienced Putnam County estate planning attorneys today.

Contact our Firm

If you or a loved one needs assistance creating an estate plan and wishes to speak with an experienced attorney, contact the Law Office of Andres D. Gil, PLLC today.

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