If you would like to learn more about your estate planning checklist, continue reading and reach out to our skilled and dedicated Rockland County wills, trusts, and estates attorneys.

What is the estate planning checklist in New York?

  1. Last will and testament: This document decides who will inherit particular assets and property once you die. This includes real estate, personal possessions, bank accounts, and investment accounts. The recipients of your assets are named your beneficiaries.
  2. Revocable living trust: A revocable living trust is a legal instrument that allows you to administer your assets after you die. A revocable living trust is a legal entity that “owns” the property you put into it while still permitting you to use and control that property while you are alive. After you die, assets in a revocable living trust can be circulated to your heirs.
  3. Beneficiary designations: There are specific assets that can skip probate and instead move directly to a beneficiary after you pass away. These kinds of assets are named non-probate assets and include 401(k) accounts, pensions, and life insurance policies.
  4. Advance healthcare directive: An advance healthcare directive allows you to draft how findings should be made about your medical care if you’re ever unable to make those decisions yourself. There are typically two parts: a living will and medical power of attorney.
  5. Financial power of attorney: With a financial power of attorney, you can give an individual the legal authority to manage your finances and property for you. These tasks could include paying bills, making bank deposits, and managing your real estate property.
  6. Insurance policies and financial information: It is beneficial to keep your insurance policy documents together, including those for life, health, car, and home. You should also maintain a list of all your financial accounts and instructions to access them. This involves bank accounts, credit cards, mortgages, loans, tax returns, pension plans, retirement benefits, and investment portfolios. You can keep this information in a spreadsheet or write it in a notebook and keep it with your other estate planning documents.
  7. Digital account logins and passwords: An individual under 70 years old is estimated to have more than 160 digital accounts. To help handle them, you may want to consider using a password manager or digital vault. These platforms can help you keep track of your login information for all your online accounts. It’s also becoming more popular to name a digital executor in your will. A digital executor disperses your digital assets and manages or closes digital accounts after you pass away.

To learn more about your estate plan checklist, reach out to our skilled Rockland County wills, trusts, and estates attorney.

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The Lauterbach Law Firm is proud to serve clients throughout Rockland County who are faced with legal matters related to estate planning, real estate, foreclosure defense, landlord-tenant law, business law, and criminal defense. If you require the services of an experienced team of attorneys, contact The Lauterbach Law Firm today to schedule a consultation.