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Estate planning checklist

Estate planning is a process that seeks to minimize the uncertainties of administering a person's affairs when they die and maximize the value of their estate. This is accomplished by reducing or eliminating taxes and other expenses. Consider the following:

Wills - Have a Will properly prepared and review it regularly, especially after any changes in your situation. This is the cornerstone to every estate plan.

Beneficiary Designations - Review regularly the named beneficiaries on all your life insurance policies and any other accounts that provide for the naming of a beneficiary. Make changes as soon as possible when you feel they are necessary.

Net Worth - Add up all your assets and subtract all your debts to calculate your net worth. This process will help you determine if you can support your retirement lifestyle.

Income Taxes - Calculate how much income tax will need to be paid after your death at various ages. Decide how you want to pay for that expense and what effect it will have on your estate values.

Funeral Arrangements - Assess the emotional and financial benefits of preplanning your funeral. Consider your options for covering the costs.

Insurance - Review your needs for various forms types of insurance with an eye on how certain events will affect your estate value, including: Life Insurance can provide the needed funds to cover the costs of debts, income taxes, funeral expenses and replace any shortfall in income for surviving dependents. Critical Illness Insurance provides cash after being diagnosed with a listed serious illness. Long Term Care Insurance provides funds to help offset the cost of professional care when someone can't take care of themselves. Some Critical Illness Insurance policies can be changed to Long Term Care Insurance when you reach retirement.

Discuss Your Plans With Family - Advising your loved ones of your plans will make it easier for them to settle your estate.

Financial Advisor - Your financial advisor can help you assess your overall financial situation and determine how much will be needed to settle your estate in a cost and tax efficient manner. They can also help you identify other issues that need your attention.

Plan your estate - because it's the right thing to do.

Call Hans Mathisen today at (306)242-7042.
or email -


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