template estate planning checklist married couple

#TEMPLATE ESTATE PLANNING CHECKLIST MARRIED COUPLE UPDATE#

If you have young adult children that are now over 18, ensure that they have set up a Statutory Power of Attorney, an Expanded Durable Power of Attorney, an Advance Health Care Directive, and a HIPAA Authorization to Release Medical Information.Ĩ.

#TEMPLATE ESTATE PLANNING CHECKLIST MARRIED COUPLE UPDATE#

Double check retirement plan and life insurance beneficiary designations to ensure they align with your estate plan and the instructions your attorney gave you to update these plans and policies at your last planning meeting.ħ. Check your Trust Asset Schedule and Asset Excel Spreadsheet for any changes in your assets that may necessitate a trust amendment.Ħ. If you are considering changing your successor trustee or any of the other agents in your estate plan, a good time to discuss these changes with the intended people you want to put in charge is over Thanksgiving or at other family gatherings before year end.ĥ. If you are planning to make a tax-deductible gift to a charity, ensure the check to the charity or other gift is sent before year end (and request a receipt from the charity to provide to your tax advisor).Ĥ. If you have IRAs or other qualified retirement plans, ensure that your required minimum distribution has been withdrawn before year end if you are 73 or older.ģ. Ensure any intended annual gift tax exclusion gifts ($17,000 or less per recipient $34,000 per recipient from married couples) are made by 12/31/23 AND those checks are cashed before year end to qualify as 2023 gifts.Ģ. Remember, estate planning is not a one-time event but an ongoing process that should be revisited regularly, especially as your life circumstances and the laws change.ġ. Here's a detailed checklist to help you close out 2023 with confidence, knowing that your estate planning affairs are in order. From taking advantage of gift tax exclusions to confirming beneficiary designations, each item on your estate planning checklist is a step toward peace of mind and financial security. The end of the year brings a natural deadline for many critical financial and legal decisions, especially those that can have tax implications or that need to be synchronized with the calendar year. Reference: the year 2023 winds down, it’s an opportune time to pause and consider the state of your estate planning. Marriage is of course not the only option to ensure protection, and estate planning can go a long way to alleviate any legal nightmares for you or your partner down the road. Unfortunately for unmarried couples, the law is not on your side. Planning for the unexpected is a major piece of responsibility as you grow your life with someone. This can create a legal grey-area nightmare for unmarried couples if not specified correctly within a trust. Many people think they are protected with a will, however, a will does not dictate what will happen in the event of incapacitation rather than death. Filling out your beneficiary forms to indicate your partner is a crucial step in ensuring your retirement assets go where they should. Because unmarried couples are not entitled to things like Social Security benefits and pensions, life insurance is very important to ensure your partner is protected in the case of your death. Be sure that the property deed you possess protects both parties, whether that is Tenants in Common, the Joint Tenants with Right of Survivorship title, or a trust. Getting the correct title or deeds for property.So, instead of bashing the choice to buy property without marriage as a legal safety net, let’s take a look at the steps unmarried couples should take before signing the dotted line on a home, or plan a life with their partner.

Rising rents, low property costs (in certain areas, of course), deducting mortgage interest and property taxes, the list goes on. There are plenty of reasons it makes sense to buy, even if you aren’t, or don’t plan to be married. It isn’t just a matter of how much you and your partner earn that determines the type of home you will buy – unmarried couples need to remember that while there are certain laws that help protect married couples who split, there is no such law for them. It’s extremely common for most unmarried couples to accumulate shared property, but less common to consider how the property will be dealt with in the event of the end of the relationship, or more dire circumstances.

Template estate planning checklist married couple