An estate planning checklist covers what to check and double-check

Estate planning helps descendants handle their family member's legacy and dispense with their final expenses.

First, create a will if there isn't one completed yet. A valid will may save heirs from some expensive headaches linked to probate and ambiguity. A solid will drafted with the guidance of an estate planning attorney will likely cost a bit more than a "will-in-a-box," but it may prove worth the expense.

Complement the will with related documents. Depending on estate planning needs, these related documents could include a trust or multiple trusts, durable financial and medical powers of attorney, a living will and other items.

Next, review the beneficiary designations of retirement plans and insurance policies. It is probably a good idea to go back and check the documentation to verify or change who has been designated as beneficiary.

Also, create asset and debt lists. Be sure to provide heirs with an asset and debt "map" they can follow, so that they will be aware of the little details involved.

Think about consolidating any "stray" retirement or bank accounts. It could make one of the previous lists a little shorter. Consolidation means fewer account statements, less paperwork for heirs and fewer administrative fees to bear.

Let heirs know about desired causes and charities to support. Write down memberships to any associations and organizations to support.

Select a reliable executor. That person should have copies of the will, power of attorney documents, health care proxy or living will and any trusts created. In fact, any of loved ones referenced in these documents should also receive copies of them.

Lastly, talk to the professionals. Do-it-yourself estate planning is not recommended, especially if an estate is complex enough to trigger financial, legal or emotional issues among the heirs.

Steve Rohde may be reached at (858) 369-6474 or [email protected]. For more information, visit http://www.Hilltopsecurities.com.

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