We have built Legacy Keeper around a comprehensive Estate Planning Checklist that you can complete by adding documents, contacts, and digital accounts as you work towards achieving your estate plan.
High-Priority Estate Plan Items
We identified the following items as high priority as giving individuals access to implement your requests is essential. To do so that individual will need access to your online communication tools and capital as soon as possible.
- Last Will & Testament: A Last Will & Testament is a legal document that sets forth your wishes regarding the distribution of your property and the care of any minor children. If you die without a will, those wishes may not be carried out. Further, your heirs may end up spending additional time, money, and emotional energy to settle your affairs after you’re gone. Learn More…
- Power of Attorney: A Power of Attorney (POA) is a legal authorization that gives the agent or attorney-in-fact the authority to act on behalf of an individual referred to as the principal. The agent may be given broad or limited authority to make decisions about the principal’s property, finances, investments, or medical care. Learn More…
- Digital Accounts: A Digital Account can be any online account. (i.e. email, streaming subscription, social media account, online access to other accounts). Accessing email and other forms of communication allows your collaborator to gain additional insight into your estate plan but also identify additional contacts and high-priority items.
- Executor: An Executor of an estate is an individual appointed to administer the last will of a deceased person. The executor’s main duty is to carry out the instructions to manage the affairs and wishes of the deceased. Learn More…
- Banking Details: Banking details can include information about where and how you bank. If you have a bank branch, online account, or individual banker that you work with it is important to have access to that information. Access to banking will be immediately removed until probate unless a Power of Attorney is named.
- Investment Details: Investments are often held in a separate bank account, brokerage account, or wealth management account. They can be managed digitally through an online portal, a banker, a wealth advisor or a stockbroker. Bank accounts do not always have the capital required to execute a Will.
- Collaborators: A Collaborator is an individual that will help manage your estate when you are ready. This could include a family member, executor, lawyer, accountant, etc
Medium Priority Estate Plan Items
The next tier of estate planning checklist items includes details normally associated with more complex estates. Guidance is normally detailed within the Will and additional collaborators and legal documentation will outline additional processes needed.
- Insurance Details: Insurance Details would normally include life insurance documents, home insurance documents, car insurance documents, health insurance documents, long-term care insurance, etc.
- Business Details: Business Details are any contacts, documents, or accounts associated with a business that you want to add to your estate. Often you have unique contacts, documents, and digital accounts for your business. (i.e. Corporate documents, shareholder documents, yearly reports, contractor details, etc.). If you do not have a business then no need to add business details.
- Trust Documents: A trust is a legal entity with separate and distinct rights, similar to a person or corporation. In a trust, a party known as a trustor gives another party, the trustee, the right to hold title to and manage property or assets for the benefit of a third party, the beneficiary. Learn More…
- Property Details: Any property details including lease or ownership details. After life events, the living situation can change and this can mean changing accommodations, selling properties, renting out properties, etc. Property management in all of its forms requires additional information and regular management.
- Lawyer: Estate Attorneys are licensed law professionals knowledgeable in state/provincial and federal laws related to estates and the probate process. They can help with a variety of estate planning tasks, such as creating wills and trusts, designating beneficiaries, and establishing a durable power of attorney. Learn More…
- Accountant: Your Accountant can be a bookkeeper, tax planner, or tax preparation specialist. There are a variety of types of accountants based on what your estate needs. Knowing where to get estate tax details and file final tax filings is a key part of executing an estate.
- Healthcare Directive: Advance directives are legal documents that provide instructions for medical care and only go into effect if you cannot communicate your wishes. The two most common advance directives for health care are the living will and the durable power of attorney for health care.
Final Priority
The final priority includes legal documentation for estates that may not have been properly planned where the government needs to get involved with committeeship (Canada) or Guardianship (U.S.).
- Vendors: A Vendor can include any individual or company that provides services to you that do not fit into any other category (i.e. cleaners, landscapers, utilities, maintenance, etc.)
- Guardianship: Guardianship is granted if a person is incapable. Guardianship essentially transfers most powers of the incapable person to a legal guardian who voluntarily offers to take the role of a fiduciary, which is someone who has a legal obligation to act in the best interest of the incapable person.
- Committeship: Committeeship is the authority granted by the Court (in Canada) that appoints one or more persons to attend to the personal and/or financial and legal affairs of an adult who is not capable of doing so (the “Patient”). This can occur because of lifelong issues, severe injuries from accidents, illnesses, or the effects of aging.
Conclusion
By working through this checklist you will have all of the key information for your estate plan accessible to your executor and loved ones as needed. They will have enough information to navigate your estate and access the capital and documentation to execute your wishes.
How Legacy Keeper Helps You Complete Your Estate Planning Checklist
Legacy Keeper has digitized the checklist items above and enables you to store associated documents, contacts, and digital accounts to easily share with collaborators as needed.
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