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Checklist of 10 Essential Estate Planning Steps.

Writer's picture: Ramat OyetunjiRamat Oyetunji

Estate planning isn’t just for the wealthy—it’s a critical part of protecting your assets, ensuring your loved ones are taken care of, and maintaining control over your finances.



To make it simpler, think of your estate planning in terms of four critical categories: Create, Protect, Plan, and Communicate. So, the next time you think of estate planning, remember CPPC!


Here’s a 10-step checklist of actions to take in each category:


CREATE


1. Create or Update Your Will


A will outlines how your assets should be distributed and who will care for minor children.


Update it as life changes (marriage, children, divorce, etc.).



2. Establish Beneficiary Designations


Assign beneficiaries for retirement accounts (401(k), IRA), life insurance policies, and investment accounts.


Keep them updated to reflect your wishes.



3. Set Up a Financial Power of Attorney


Designate a trusted person to manage your finances if you’re unable to do so.


Ensures bills are paid and investments are handled properly.



4. Create a Healthcare Power of Attorney & Living Will


Appoint someone to make medical decisions on your behalf if you’re incapacitated.


Specify medical preferences (e.g., life support, organ donation).



PROTECT


5. Final Expenses & Life Insurance Needs


Ensure funds are available for funeral costs, outstanding debts, and family needs.


Evaluate your life insurance coverage to ensure it meets your goals.



6. Consider a Trust for Asset Protection & Privacy


A revocable living trust helps avoid probate, making asset distribution smoother.


Irrevocable trusts can provide tax advantages and protect assets from creditors.



PLAN


7. Plan for Digital Assets


Secure access to your bank accounts, emails, investment platforms, and digital assets.


Use a password manager and list key digital accounts in your estate plan.



8. Review & Plan for Taxes


Understand potential estate and inheritance taxes.


Consider gifting strategies or trusts to minimize tax burdens.



COMMUNICATE


9. Organize Important Documents


Store key documents in a safe place (will, trust, financial statements, insurance policies).


Create a list of accounts that loved ones should close, services to cancel, and people to notify.


Share access with a trusted person or attorney.


10. Communicate Your Wishes


Have conversations with family members, executors, or financial advisors to clarify your plan.


Keep documents up to date as your life and finances evolve.



By focusing on CPPC - Create Protect Plan Comminicate - and using this checklist, you’ll ensure your hard-earned assets are protected, your loved ones are cared for, and you maintain control over your financial legacy.


There's no better time than right now to get started!




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