Back to School Checklist for Estate Planning


Whether you are a teacher, a parent, or an adult going back to school, you have undoubtedly been working through checklists for supplies, books, clothing, and healthcare protocols. You want to be ready for that first day of the school year. But there may be one thing that wasn’t on any of your checklists: preparing for the future with proper estate planning.

Although you may not be a billionaire, you have an estate that needs a proper legal plan. Estate is a general term used to describe everything you own. This includes things such as bank accounts, real estate, household furniture, automobiles, etc. At your death, everything you own has to find a new owner.

An estate plan is your personal set of lesson plans – your rule book – to be used by your trusted decision makers. The legal documents that dictate what will happen to you and your money and property at your death comprise this rule book. If you have a minor child, your estate plan can also enable you to nominate your child’s guardian. Some estate planning documents allow you to dictate what happens to you and your finances during any period when you cannot make your own decisions.

Things to think about as you prepare to create your estate plan:

  • What is one reason why you, specifically, need an estate plan?

  • Do you have a financial power of attorney in place? How old is it?

  • If you are 18, you are now an adult. Do you have a financial power of attorney and medical power of attorney?

  • Do you have a Will? A Trust? Do you understand the differences between these estate planning documents?

  • Have you discussed your future needs with your financial advisor?

  • Do you have a retirement account or know what options your employer provides?

  • Do you have a medical power of attorney or advance directive? When was the last time you reviewed it?

  • Are you concerned about giving an inheritance outright to your children or other beneficiaries?

  • If you have pets, what happens to them if you weren’t there or were unable to care for them?

  • Do you have a dependent with disabilities who will need special care?

We are here to help you design a plan that will protect you and guide your loved ones. You can schedule your complimentary consultation here or call us at (423) 648-9829.

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