Estate Planning Checklist
Understanding the Three P’s of Estate Planning
When it comes to estate planning, there are many factors to consider—and many strategies to protect what matters most. To make the process easier, Lambros Law Office LLC has created a simple estate planning checklist built around the Three P’s of Estate Planning: People, Property, and Plans.
ESTATE PLANNING CHECKLIST ITEM #1 – PEOPLE
Who are the important people in your life? Start with yourself, then consider your loved ones—your spouse, children, grandchildren, parents, siblings, or other relatives. Important people might also include charities, causes, colleges, churches, or even pets.
Take time to reflect on those who have made an impact in your life. Make a list and jot down notes if you wish. This is where the planning process truly begins.
ESTATE PLANNING CHECKLIST ITEM #2 – PROPERTY
Property means your assets. Begin by listing what you own or control. At this stage, you don’t need exact account numbers or policy details. Instead, think in terms of categories:
Type of assets: cash, investments, retirement accounts, real estate, business interests, etc.
Value: approximate worth in thousands of dollars.
Ownership: solely owned, jointly owned, or held in trust.
Don’t forget often-overlooked assets such as life insurance (the death benefit, not the cash value), business holdings, or an expected inheritance.
ESTATE PLANNING CHECKLIST ITEM #3 – PLANS
Once you’ve identified the People and Property, the next step is to think about the Plans you would make for them in the event of incapacity or death.
Who would make financial and health care decisions for you if you could not?
Who would care for your minor children?
How should your assets be distributed to heirs?
Do you want to help your family avoid probate?
Do you want to reduce estate taxes or make a charitable gift?
Do you need to provide for a loved one with special needs?
Should anyone be restricted from receiving assets without oversight?
These questions form the foundation of your estate plan—far more important at this stage than simply gathering documents.
WHEN YOU ARE READY
When you are ready to begin the estate planning process, we are here to help. Call us or complete the Book a Call form to schedule your consultation. You can also connect with us on Facebook to start the conversation with our estate planning law firm.
When you are ready to start the estate planning process to protect what is important to you, please call or complete the Book a Call form. You can also connect with us on Facebook to start your conversation with our estate planning law firm.