ESTATE PLANNING CHECKLIST AARP HOW TO

In order to begin managing the assets of the individual, a list of assets will need to be made to have an idea of its value. It is recommended that the same person be the financial agent and the health care agent. The financial agent will have the following powers (if selected): There is no requirement for this person to be an attorney. Although, it’s highly advised the financial agent be someone that can be trusted. Step 2 – Choose a Financial Agentĭurable Power of Attorney allows an individual to select a financial agent to handle their financial responsibilities on their behalf (referred to as an ‘attorney-in-fact’). When combined, these forms are referred to as an ‘Advance Directive’. Caregiver Agreement – Use to make an arrangement where someone is paid, commonly a nurse, for the care and everyday errands of an elderly person or someone with special needs.This would only come into effect if the person was not able to make decisions on their own. Medical Power of Attorney – Allows a person to choose a health care agent who will have the authority to make medical decisions on their behalf.Living Will – Allows a person to make their end-of-life decisions such as the option to no longer receive food or fluids if they should become incapacitated.This will involve completing the following forms: Most estate planning advisors will recommend an individual to start with their medical requests. Afterward, the individual can decide who they believe is the best fit to handle their end of life decisions as well as who to give their property after death. To create an estate plan, an individual will need to understand the laws in their State and gather a list of their assets. This is especially useful in the chance a person can no longer pay bills or take care of every day matters for themselves. Power of Attorney – Select an individual to act as an agent and make financial decisions while alive. Select a spouse or family members and detail exactly who will and who won’t be a beneficiary.

Last Will and Testament – Used to designate how personal assets will be distributed after death. Also allows the selection of end-of-life treatment options.ĭownload: Adobe PDF, MS Word, OpenDocument Estate Planning Checklists: By StateĪdvance Directive – Choose a person to assist and make medical decisions in the chance someone cannot do so for themselves. In addition, someone can establish who will get what after they die and whether it’s best for the estate to go through the probate process. This will allow a person to decide who they would like to handle their personal finances if they should not be able to themselves. By following the checklist, an individual can get an idea of the estate laws in their State and choose which forms suit their personal financial situation best.

ESTATE PLANNING CHECKLIST AARP HOW TO

An estate planning checklist is a guide on how to plan an individual’s assets and end-of-life health care if they should die or become incapacitated.

Estate planning checklist aarp