#ESTATE PLANNING CHECKLIST FORM HOW TO#
#ESTATE PLANNING CHECKLIST FORM PROFESSIONAL#

Last Will and Testament – A Will is a legal document by which the principal (called the testator) can leave their final instructions on how their estate should be divided. The two (2) options that are most commonly used to plan the administration of an individual’s estate are provided below.

To provide for personal and family maintenance.įor the principal to ensure that their assets are distributed to their beneficiaries when they die, they must execute an estate transfer document that is the legally recognized in the state.

To handle interests in estates and trusts.

To engage in retirement plan transactions.

To engage in insurance and annuity transactions.

To engage in banking and financial transactions.

To engage in commodity and option transactions.

To engage in stock, bond, and other securities transactions.

To engage in tangible personal property transactions.

To engage in real property transactions.

To withdraw and receive the income or corpus of a trust.

To claim an elective share of the estate of the principal’s deceased spouse.

To make additions to an existing trust for the principal’s benefit.

To create a trust for the principal’s benefit.

Signing Requirements ( § 5601(b)) – The form must be signed by the principal, two (2) witnesses, and acknowledged before a notary public, who must sign as well.

A financial agent is an individual who has been given the power of attorney to execute legal instruments and making other decisions on the principal’s behalf, including withdrawing funds, creating a trust, and filing taxes.ĭurable Power of Attorney – The principal can appoint their financial agent using the Durable Power of Attorney form on which they may specify the scope of the agent’s powers. In accordance with § 5601.1 and §5.604, all powers of attorney in the State are considered “durable” unless the principal explicitly states the opposite on their Power of Attorney form. It is also recommended to have a notary public sign as well.Ī f inancial agent may also be appointed in a similar fashion to a health care agent for the purpose of making financial decisions for the principal if they become incapacitated. Signing Requirements ( § 5452 and § 5471) – To be considered valid, the principal and two (2) witnesses must sign the Health Care Power of Attorney form. The principal may also appoint an alternative health care agent in case the first agent is unavailable when the time comes for them to assume their role. In the document, the principal will be able to express their wishes regarding health care treatments and other medical decisions. Health Care Power of Attorney – This form is used to appoint a health care agent for the principal.

By appointing a health care agent, individuals can rest assured knowing that their best interests will be taken into account. Whether due to a coma or dementia, any individual at some point may be incapable of making decisions for themselves. A health care agent is an individual who will be given the authority to make decisions regarding medical treatment if the principal becomes incapacitated.

#ESTATE PLANNING CHECKLIST FORM HOW TO#

When an individual is considering their options for how to handle their affairs as they approach the end of their life, it will be worthwhile for them to appoint a health care agent.

#ESTATE PLANNING CHECKLIST FORM PROFESSIONAL#

It is recommended to consult a professional attorney before executing any of these legal instruments. The below guide briefly describes some of the steps and forms that can be followed to get started on planning for the future. However, it remains important to properly prepare for such eventualities, not only for the best interests of the implicated individual but for their family and loved ones who will be directly affected by their passing or incapacitation. How to Create an Estate Plan in Pennsylvania (6 steps)Įxecuting legal documents that deal with an individual’s eventual death and the possibility of a medical emergency is often a laborious process. The Health Care Power of Attorney and Durable Power of Attorney serve the latter purpose, while the Last Will and Testament or Living Trust are used to plan the administration of an individual’s estate. A Pennsylvania estate planning checklist contains information and links to forms that can be used to make preparations for the distribution of an individual’s property after death, as well as their possible physical or mental incapacity.

Estate planning checklist form