Page 13 - Accumulating, Preserving, and Passing Wealth | Stifel

Estate Planning Checklist

The following list will help you prepare as you begin
to develop your estate plan. Giving careful thought
to these issues can save considerable time and
expense when you actually sit down to meet with
the estate planning attorney and other members
of your planning team.

• Legal Instruments: What legal instruments
do you already have in place — a will, trust,
or power of attorney? If you do have existing
estate planning documents, when were they
last updated? Be sure to take a copy of any
prior executed documents to the attorney
when you update your plan.

• Representatives: Who will be your personal representative or executor? Whom do you want to nominate as guardian
of your children, and will such person(s) accept the responsibility? Do you need an individual or corporate trustee, and
do you want them to serve now or only when you are unable to serve? Who will be the financial advisor for your family?

• Property: What property currently makes up your estate? What are your real estate holdings? Do you own a business?
What makes up your savings and investments? How much personal property do you have? Are you expecting any
future assets or inheritances? How are you holding your assets — individually, in trust, or in joint tenancy? Are any
of your assets illiquid such that you will need cash reserves or other provisions? Do you need life insurance? What
is the composition of your liabilities?

• Heirs: To whom do you want your assets to be distributed — spouse, children, parents, siblings, grandchildren,
friends? When do you want them to receive your property? Will they receive it outright or in trust? Will they need
a financial advisor? Are there any contingent beneficiaries?

• Health Care: What are your health care preferences? Who will make decisions for you? What are your feelings about
long-term care? Do you have adequate funds to pay for a long-term care need?

• Special Circumstances: Are there any special circumstances in your life, such as a second marriage or children from
a prior marriage?

• Special Needs: Are there any special needs among your beneficiaries with regard to health, education, or
maintenance issues?

• Contingencies: What if you die early or become disabled?

• Gifting: Would you like to engage in lifetime gifting?

• Charity: Do you have any interest in including charitable organizations in your plan during life or upon your death?
Do you own any low cost basis assets?

• Taxation: How can you minimize taxes?

• Business Ownership: Do you own a small business? What is your succession plan, or whom do you want to take
over the business when you are no longer involved? What kind of liquidity needs do you have for the transfer of the
business, and how can you ensure those needs are adequately funded?

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