#AICPA ESTATE PLANNING CHECKLIST PDF UPDATE#
#AICPA ESTATE PLANNING CHECKLIST PDF PROFESSIONAL#

Bank accounts and certificates of deposit.The assets that typically are owned by a revocable trust can include: This process is often called 'funding the trust'. 'We often work with clients to correctly title and register assets such as their investment accounts,' says Bleustein.įor example, if your estate plan includes a revocable living trust, you need to title assets in the trust. If your estate plan calls for converting your individual account into a trust account, that does not happen automatically. A trust, whether revocable or irrevocable, is a legal arrangement for the transfer of property by a grantor to a trustee for the benefit of a beneficiary.Ī critical element of estate planning, often overlooked, is that you, known as 'the grantor,' should transfer (retitle) certain assets to the trust.

#AICPA ESTATE PLANNING CHECKLIST PDF PROFESSIONAL#

An estate planning professional can help you determine which type (or types) of trusts are appropriate for you.

There are many types of trusts to consider, each designed to help achieve a specific goal.

Connecting you to additional resources or expertise such as tax planning and charitable giving.

Consolidating assets from other financial services firms (if necessary) with the goal of simplifying recordkeeping and administration.

Mapping certain financial assets to your overall financial plan.

In addition, a financial advisor may be able to assist with: Tip: Many families today use secure virtual safes such as FidSafe ® to store copies of important documents and other information, such as passwords, financial statements, and wills. This letter should include an inventory of assets and a list containing names, addresses, and phone numbers of your various advisors (for example, your attorney, accountant, financial professional, or banker).

Consider drafting and regularly updating a letter of instruction to your children and/or fiduciaries.

Consider writing a memo to direct the specific pieces of 'Tangible Personal Property' (furnishings, jewelry, automobiles, collectibles) you want to leave to certain individuals, if this is allowed in your state and is part of your will or trust.

Read Viewpoints on : Estate planning for the digital era

Create a list of your digital assets and name a successor to handle them.

#AICPA ESTATE PLANNING CHECKLIST PDF UPDATE#

Review and update life insurance policies and/or retirement plan beneficiaries.

Carefully review the detailed letters of instruction from the estate planning attorney, and work with your financial advisor and attorney to take action, such as updating beneficiaries, retitling assets, etc.

Check with your plan's governing documents to understand its beneficiary designation policy.Īs you put the finishing touches on your estate plan, here are some important steps to consider: Tip: Some retirement plans may automatically designate your spouse as the beneficiary unless you name another beneficiary and your spouse has consented to the designation in writing.

Remember, having beneficiaries designated on an account, such as a brokerage account, 401(k), or IRA, allows the account to pass outside probate, enabling your beneficiaries to avoid the time and expense of the probate process.

If the beneficiary designation on your accounts names the heirs directly, it would give them unfettered access to the assets immediately.

For example, your will or revocable trust may have provisions to leave your assets to an irrevocable trust for your heirs that gives you the ability to control the ultimate distribution of the assets upon your death. Many times beneficiary designations are not set up properly, resulting in the distribution of those assets differently than intended. This allows ownership of the account to be transferred to a designated beneficiary upon the owner's death. 'Many people are not aware that beneficiary designations supersede the will or trust, making this a critical step in determining what happens to your assets after you die.'Ī beneficiary is an individual who receives the benefit from an estate, trust, retirement account, life insurance policy, or account with a transfer on death (TOD) designation. 'One of the biggest mistakes people make at the end stages of the estate planning process is not updating their beneficiaries,' says Sander Bleustein, vice president, advanced planning at Fidelity Investments in Naples, Florida.

Aicpa estate planning checklist pdf