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The Estate Planning Attorneys You Can Count On

16 Things to Do for Your Estate Planning Before You Die

Planning for the future is essential, and Murphy & Murphy Law is here to guide you through the intricate process of estate planning in Kaysville, UT. Our experienced team understands the importance of securing your assets and ensuring your loved ones are taken care of in the long run. Whether you need assistance with wills, trusts, or other crucial estate planning documents, we are dedicated to providing comprehensive legal support tailored to your specific needs and circumstances. Secure your family’s future today with Murphy & Murphy Law. Contact us for a consultation and take the first step towards safeguarding your legacy.

Your Estate Planning Checklist

Estate planning is a crucial step to ensure your assets and wishes are protected and carried out according to your desires. From listing your assets to designating a trusted estate administrator, our expert team suggests you consider the following essential steps:

  • List Everything You Own in Your Estate Plan – Document all your assets, including real estate, investments, and personal belongings, to provide a comprehensive overview of your estate.
  • Make a List of Other Assets – Aside from major assets, include any other accounts or possessions that hold financial or sentimental value, such as bank accounts, vehicles, or valuable heirlooms.
  • A List of Your Debts Should Be Added to Your Estate Plans – Include any outstanding debts, loans, or mortgages to ensure that these liabilities are addressed appropriately during the estate settlement process.
  • A List of Your Debts and a List of Your Memberships Should Be Included in Estate Plans – To provide a holistic view of your financial and personal commitments, compile a list of both your debts and any memberships or affiliations that may require attention.
  • Print Out Copies of the Above Lists – Secure physical copies of all your estate planning documents and lists to ensure that they are easily accessible and can be referenced by your designated beneficiaries and legal representatives.
  • Examine Your Retirement Savings – Evaluate your retirement savings and ensure that your beneficiaries are accurately designated to receive any benefits or funds according to your preferences.
  • Revise Your Policy Coverage – Review and update your insurance policies, including life insurance and health insurance, to guarantee that the coverage aligns with your current circumstances and estate planning goals.
  • Assign Transfer-On-Death Designations – Consider assigning transfer-on-death (TOD) designations to specific assets, such as bank accounts or securities, to streamline the transfer process and minimize complications during estate settlement.
  • Choose a Reputable Individual to Serve as Estate Administrator – Select a trusted individual or professional executor to oversee the execution of your estate plan, ensuring that your wishes are carried out efficiently and in accordance with legal requirements.
  • Write a Will as Part of Your Estate Planning – Draft a legally binding will that outlines how you want your assets to be distributed and any specific instructions you have for the handling of your estate after your passing. It is advisable to seek legal counsel to ensure your will is comprehensive and legally sound.
  • Regularly Go Over Your Estate Plan Documents – Life circumstances change, and your estate plan should evolve with them. By reviewing your will, trust, and beneficiary designations, you can make necessary updates and adjustments.
  • Make a Copy of the Estate Administrator – Designating a responsible estate administrator is essential, but it’s equally important to provide them with clear instructions and copies of key documents. Make sure your chosen administrator knows where to find your estate plan, financial records, and contact information for legal and financial professionals.
  • Make Your Financials Simpler – Consolidate accounts where possible, eliminate unnecessary financial complexities, and keep clear records of your assets and liabilities. A streamlined financial portfolio benefits your estate planning and simplifies day-to-day money management.
  • Finish Other Important Estate Planning Documents – In addition to a will and trust, consider other essential estate planning documents like a healthcare directive and power of attorney. These documents help ensure your medical and financial decisions align with your wishes.
  • Use College Funding Accounts to Your Advantage – Establishing tax-advantaged 529 college savings plans can help fund your children’s or grandchildren’s education while reducing your taxable estate. This smart financial move can leave a lasting educational legacy for your family.
  • Consult a Lawyer for Estate Planning – Engaging an experienced estate planning lawyer is invaluable for ensuring your assets are protected and your wishes are legally upheld. A legal professional can help you navigate complex laws and tax implications and customize your estate plan to your circumstances.

Contact Murphy & Murphy Law Today

Secure peace of mind for you and your loved ones by entrusting Murphy & Murphy Law with your estate planning needs in Kaysville, UT. Our commitment to thoroughness and attention to detail ensures that your assets are safeguarded, and your wishes are carried out as intended. With our compassionate and personalized approach, our team of estate planning lawyers strives to make the estate planning process as seamless and stress-free as possible. Take control of your legacy today by scheduling a consultation with Murphy & Murphy Law. Plan for tomorrow, today. Contact us now to get started.