1.  I have a valid, enforceable Last Will and Testament according to the laws of the state in which I live.
 
  2.  I have a Living Will. I have assigned a legal financial guardian (trustee) and designated 2 alternates who will make financial decisions in the event that I become incapacitated.
     
  3.  I have enough life insurance to fully protect my family.
     
  4.  I have a formal succession plan for the disposition of all business interests.
     
  5.  I am confident that my assets will be passed to my heirs without being unnecessarily encumbered by estate and income taxes, settlement costs, and other expenses.
     
. 6.  I have assigned Legal Guardianship to care for my minor children. Additionally, I have designated 2 alternates.
     
  7.  I am prepared for the potential financial obligations associated with the care of my parents.
     
  8.  I have an emergency fund with sufficient assets in highly liquid accounts.
     
  9.  I am prepared for medical emergencies. I am properly insured in the event of a debilitating illness, serious injury or permanent disability.
     
  10.  I am able to give approximately 10 percent or more of my income to responsible, accountable charities each year.

PLAN TODAY

One of the greatest gifts you can leave your survivors is an organized estate. Discuss your plans with your loved ones and the executor of your will. You’ll also want to consult with your legal, financial and tax advisers.
1. Make or update your will. A will allows you to determine what happens to your money and possessions when you die, and who becomes the guardian of your minor children. Otherwise, state laws and courts make those decisions for you.
2. Make a living will. This document can speak for you by outlining the medical procedures you want taken if you become too ill to state your wishes yourself.
3. Create durable powers of attorney. These documents allow you to appoint someone to make decisions on your behalf if you become incapacitated. There are two types: one to deal with your personal, legal and financial affairs, and another to deal with health-care decisions.
4. Create a letter of instruction. This document provides a list of instructions for your survivors to follow. For example, it can spell out funeral wishes, people to contact, and where your will and other key papers can be found. It also can provide information about your financial accounts and activities.
5. Calculate your net worth, including life insurance proceeds. A tax/ financial adviser can help determine necessary steps to minimize or eliminate the impact of federal and state estate taxes.
6. Establish a trust if appropriate. A trust is a legal entity that holds property designated by you for the benefit of you and your beneficiaries. For example, you might need to set up a trust if you name minor children as your life insurance beneficiaries (important if they are legally too young to receive proceeds directly).
7. Review your IRA, 401(k) and other retirement plans for beneficiary arrangements and benefits.
8. Make arrangements for the orderly transfer of business assets. Business owners can predetermine what will happen to assets through legal agreements and life insurance on business partners.
9. Buy or update your life insurance. Life insurance provides an immediate source of cash that can be exempt from federal and state income tax. It is important to review your ownership, beneficiary and coverage amount every two or three years to insure your policies still reflect your needs and wishes.
10. Health / medical insurance There are three major types of coverage that help protect your assets: Long-Term Care enables you to cover the cost of long-term health care in your home (hospice) or at a long-term care facility (nursing home). Major Medical protects against the cost of medical care and Disability protects your income if you are injured and can't work.
11. Review your pension plan’s survivor benefits. A plan offered through your employer or the military’s Survivor Benefit Plan (SBP). SBP choices made at retirement can be changed if you divorce or marry. Also, the government periodically offers open enrollment periods that enable the plan owner to make changes.
12. Funeral pre planning can relieve stress on your survivors and give you control over the ultimate cost of your funeral. If you are a U.S. military veteran, you may want military honors at your service; contact your local funeral home or military installation to check on eligibility and availability.

CHECKLIST AFTER DEATH


Call the funeral home you have selected. If you have not chosen a funeral home ahead of time, the Funeral Directors' Association can give you information on funeral homes in your area, or ask a friend, family member, or clergy for a reference to a local funeral home.
If your loved one was a veteran, you may be able to get assistance with the funeral, burial plot, or other benefits. For information on benefits call the Veterans Administration at 800-827-1000. Also, the phone number for your local Veterans Agency is usually listed under Town Offices. You will need a copy of your loved one's discharge papers.
Obtain 10-15 copies of the Death Certificate from your funeral director.
If your loved one was receiving Social Security benefits, notify your local Social Security office of the death, since these benefits will stop. Overpayments will result in a difficult process of repayment. If you are a surviving spouse, ask about your eligibility for increased benefits. Also, check on benefits that any minor children may be entitled to receive.
Contact the health insurance company or employer regarding terminating coverage for the deceased while continuing coverage for others covered through the policy.
Contact the insurance company for all life insurance policies. You will need to provide the policy number and a certified copy of the death certificate and fill out a claim form. If the deceased is listed as the beneficiary on any other policy, arrange to have the name removed.
If the deceased was working, contact the employer for information on pension plans, credit unions and union death benefits. You will need a certified copy of the death certificate for each claim.
Return credit cards of the deceased with a certified copy of the death certificate, or notify the credit card company if you, as the survivor, want to retain use of the card.
Seek the advice of an accountant or tax advisor about filing the deceased's tax return for the year of the death. Keep monthly bank statements on all individual and joint accounts that show the account balance on the day of death, since you will need this information for the estate tax return.
Arrange to change any joint bank accounts into your name. If the deceased's estate is in trust, check with the Trust Department or Customer Service at the bank.
If the deceased owned a car, transfer the automobile title into your name at the Secretary of State's Office, or if the estate is probated, through Probate Court.
Arrange to change stocks and bonds into your name. Your bank or stockbroker will have the forms.
Make sure that important bills, such as mortgage payments, continue to be paid.
Documents you may need to complete the tasks
Death Certificates (10 - 15 certified copies)
Social Security Card
Marriage Certificate
Birth Certificate
Birth Certificate for each child, if applicable
Insurance Policies
Deed and Titles to Property
Stock Certificates
Bank Books
Honorable Discharge Papers for a Veteran and/or V.A. Claim Number
Recent Income Tax Forms and W-2 Forms
Automobile Title and Registration Papers

ORGANIZING FINANCIAL RECORDS
NOTE: If you store any of the following information on your computer, make a list of all passwords, indicate where any diskettes are stored and where the information can be found.
1. Create a list of financial accounts. List account numbers and pertinent information about your investments, bank accounts, insurance policies (life, disability, homeowners, credit and life) and other financial matters.
2. List the location of valuable documents. Your list might include deeds, car titles, military records, birth and marriage certificates, divorce decrees and estate planning documents.
3. List your personal data. This can include your Social Security number, driver’s license number, VA claim number, your date of birth and the names and phone numbers of family members.
4. Make arrangements for access to your safe-deposit box. In many states, safe-deposit boxes are closed upon death and are not opened until probate. Make sure copies of your will and other important documents are available outside of your safe-deposit box.
5. List loan payments. This listing should include information about credit cards, mortgages, consumer loans, and auto and personal loans.

FINANCIAL INFORMATION
1. If desired, you may estimate the liability on each asset at the projected time of the surviving spouse's demise.
2. J for Joint Tenancy ; C for Community Property; H for Husband; W for Wife.
3. Enter the rate at which you feel the asset will increase in value. For example: Cash in Bank - 5%;
4. Home - 8%; Autos - 0%,
5. Enter a Y if the asset could be easily and quickly sold for its true market value and the proceeds used to pay estate settlement costs.


* Reserved for planner at Goodwin Financial to use regarding probate administration.

Assets Market Value Liability Owner Growth Liquid *
Currently At 2nd Death
Residence
Other Real Estate
Stocks & Bonds
Business Interests
Cash In Banks
Notes Receivable
Autos & Boats
Furniture & Furnishings
Personal
Retirement Plan-Vested
Death Benefit
Other Assets
Unsecured Debt
Total Values


* Reserved for planner at Goodwin Financial to use regarding probate administration.

Policies Inside the Estate
Insured Owner
(H/W)
Beneficiary Company Name
or Policy #
Face Amount
($)
Cash Value
($)
Policy Loans
($)
*
Husband 1
  2
  3
  4
  5
Wife 1
  2
  3
  4
  5
Survivor 1 Both Other
  2 Both Other
  3 Both Other
Policies Outside the Estate
(e.g. owned by an Adult Child, Irrevocable Trust, etc.)
Insured Owner
(H/W)
Beneficiary Company Name
or Policy #
Face Amount
($)
Cash Value
($)
Policy Loans
($)
*
Husband 1
  2
  3
  4
  5
Wife 1
  2
  3
  4
  5
Survivor 1 Both Other
  2 Both Other
  3 Both Other
 
Would you like to discuss removal of life insurance from your taxable estate?  Yes      No
If you could leave your heirs any amount of money, what specific dollar amount per heir would you choose? Heir Amount
1 $
2 $
3 $
4 $
5 $
6 $

Custom Home
Multiple Homes
International Property
Fine Art and Antiques
Jewelry and Collectibles
Watercraft and Yachts
Aircraft and Aviation
Personal and Excess Liability
Collector Vehicles
Automobiles registered in different states

First Name: Last Name:
Email Address: Phone: - -

 
 
This website is designed to provide accurate and authoritative information on the subjects covered. It is not, however, intended to provide specific legal, tax or other professional advice. For specific professional assistance, the services of an appropriate tax and legal professional should be sought. © 2020 Goodwin Financial