On June 30, 2015

When you’re ready to put an estate plan in place, knowing where to start and what you need to do can be confusing.

To help you initiate this process with a mind towards the various aspects you may need to consider, below, we’ve provided an essential estate planning checklist. Don’t hesitate to contact us, however, when you want experienced help developing a comprehensive estate plan tailored to your needs and wishes.

Your Checklist for Estate Planning

  • An experienced Denver estate planning attorney provides an essential checklist to facilitate the estate planning process. Contact us when you’re ready to develop an estate plan.

    An experienced Denver estate planning attorney provides an essential checklist to facilitate the estate planning process. Contact us when you’re ready to develop an estate plan.

    Create a will – Your will should outline your assets, chosen beneficiaries and who you would like to inherit your assets.

  • Figure out if you need to develop a trust – Trusts can help loved ones avoid probate for certain assets. So, if you would like to make sure that a loved one inherits certain property without having to deal with probate, setting up a trust is a good idea.

    Trusts can, however, be beneficial for other reasons/situations, so be sure to consult with an experienced lawyer to find out if this would be beneficial for you and your loved ones.

  • Develop powers of attorney – Specifically, you may want to develop financial and medical powers of attorney. While a financial power of attorney can ensure that your assets/property/businesses are taken care of should you become incapacitated, a medical power of attorney can ensure that your health care/end-of-life decisions are made by a person whom you trust (in the event of incapacitation).
  • Make your final arrangement plans – As discussed in a previous blog, your final arrangement plans should be in separate document from your will and should detail things like whether you want to be buried or cremated, whether you want a ceremony prior to being laid to rest, etc.

  • Name beneficiaries for certain accounts – For retirement accounts, bank accounts, etc., you can designate a beneficiary to inherit these upon your death, and doing so can prevent these assets from having to be probated.
  • Make plans to protect your business – If you have a business, then your estate plan should include arrangements for how your shares in the business will be passed on to your loved ones.
  • Store your estate planning documents – Once you’ve developed an estate plan, the final step will be to store these documents in safe place (like in a safe, a safety deposit box, with a lawyer, etc.). When you do so, be sure to inform your loved ones of where these documents are.

Denver Estate Attorney at JR Phillips & Associates, PC

Are you ready to put a comprehensive estate plan in place? If so, you can turn to the Denver estate attorney at JR Phillips & Associates, PC. We provide a thoughtful, comprehensive approach to our clients’ estate planning, elder law and other legal needs, and we take pride in helping each of our clients and their families find the best solutions for them.

Let’s discuss your options during an initial consultation. To schedule this meeting, call us at (303) 741-2400 or email us using the contact form at the top of this page.

From our offices in Denver, we serve clients throughout the southwest and southeast Metro Area, including (but not limited to) people in Highlands Ranch, Littleton, Castle Rock, Parker, Aurora, Greenwood Village and Englewood.

Categories: Estate Planning