Estate Planning Worksheet

Estate Planning Worksheet 2018-04-25T06:11:11+00:00
Estate Planning Worksheet Online Version

ESTATE PLANNING WORKSHEET

FREE NO OBLIGATION INITIAL CONSULTATION

INTRODUCTION:

Information provided is held in complete confidence and is used to analyze estate planning needs and design estate planning documents.

Completing this worksheet is not mandatory prior to the initial appointment with us, but if you can complete the worksheet prior to your appointment, more information and value will be received during the complimentary initial consultation.

During the initial appointment, we will determine your specific estate planning needs and goals. The potential cost of probate and tax which would occur with your plan will be analyzed, and methods of reducing costs and accomplishing goals will be discussed. An exact quote on fees for estate planning will be provided before you authorize completion of your estate plan.

INSTRUCTIONS:

The information requested on this worksheet may seem intrusive, but we must understand your present situation and your wishes for the future. This information enables us to plan the estate to accomplish your goals, avoid probate, and save on taxes and administrative expenses.

If you (Client #1) are Married and all information on this worksheet is identical to you and your spouse (Client #2), complete only one worksheet. If information significantly differs, consider choosing the Single version of the worksheet for each person. Unmarried couples may use the worksheet as married couples, but please select the correct marital status, as it affects our recommendations for your estate planning.

Required fields are denoted by red asterisks *

STATUS

CLIENT #1

Client #2

CLIENT #2

BACKGROUND

Do you have a will?

Do you have a will?

Do you have a trust?

Do you have a trust?

Are you a U.S. citizen?

Are you a U.S. citizen?

Were there any previous marriages?

Were there any previous marriages?

Do you have any children?

Do you have any children?

Are any of your children not from your current marriage?

Are any of your children not from your current marriage?

Do any of your children or other beneficiaries have disabilities?

Do any of your children or other beneficiaries have disabilities?

Do you own a farm or business?

Do you own a farm or business?

If yes, is there a buy-sell or stockholders agreement?

If yes, is there a buy-sell or stockholders agreement?

Do any of your children work in the business with you?

Do any of your children work in the business with you?

If yes, does the child working in the business have an ownership interest in the business?

If yes, does the child working in the business have an ownership interest in the business?

Do you or any family members or potential beneficiaries have any serious health problems?

Do you or any family members or potential beneficiaries have any serious health problems?

Do you own a long-term care (nursing home) insurance policy?

Do you own a long-term care (nursing home) insurance policy?

Have you contracted with Client #2 with a prenuptial or community property agreement?

Have you contracted with your spouse (such as a prenuptial or community property agreement)?

Are you named as Trustee of any Trust, or named as an Agent under any Durable Power of Attorney (other than for your spouse or partner, if applicable)?

Are you named as Trustee of any Trust, or named as an Agent under any Durable Power of Attorney (other than for your spouse or partner, if applicable)?

NET WORTH: If you added the value of all property owned by yourself and your spouse including real estate, personal property, bank accounts, stocks, bonds, IRAs, and anything else you own except death benefits on life insurance, then what is the approximate total value of your estate?

INCOME/ASSET/LIABILITY INFORMATION

Please list your income/asset/liability information in the category below. Please see the last page for more information regarding your assets.

Client #1
Client #2
Total
Client #1
Client #2
Total
Client #1
Client #2
Total
Client #1
Client #2
Total

REAL ESTATE (INCLUDING MINERAL INTERESTS IN OIL AND GAS)

Primary Personal Residence

Provide complete address here if different from Client #1 address above

Additional Personal Residences


Provide complete address here

Vacant Land


Provide complete address or land description

Minteral Interests


Provide complete address or land description

Other: (Include Type of Property e.g., Rentals, Vacation, Commercial, Agricultural, or Manufacturing)


Provide complete address here

LIQUID ASSETS (Include Account Number and Where Held)

Check ALL of the various types of assets that you have:

Checking Accounts


Include bank name, bank mailing address, and account number

Savings Accounts


Include bank name, bank mailing address, and account number

Brokerage Accounts and Publicly Traded Securities


Include bank name, bank mailing address, and account number

Unlisted Stocks/Bonds (Not Publicly Traded)


Include bank name, bank mailing address, and account number

Money Market Accounts


Include bank name, bank mailing address, and account number

Notes and Loans Receivables


Include bank name, bank mailing address, and account number

Certificates of Deposit


Include bank name, bank mailing address, and account number

Automobiles


Include year, make, and model of vehicle

Other Personal Property: Automobiles, RV's, Boats, Campers, Trailers, etc


Include year, make, and model of vehicle

Annuities


IRAs & Pension/Profit Sharing or Deferred Compensation Plans


Include bank name, bank mailing address, and account number

Life Insurance Policies


Include provider name, provider address, and policy number

Homeowners & Motor Vehicle Insurance Company / Agent:


Include provider name, provider address, and policy number

CLOSELY HELD BUSINESS INTERESTS

Do you have any closely held business interests?

Do you have any closely held business interests?
(Such as interest in a non-publicly traded partnership, limited liability company, or corporation, etc.)

CLOSELY HELD BUSINESS INTERESTS

For each closely held business interest, provide copies of your organizational documents, and provide the following information:

LIABILITIES

Include all mortgages, personal loans, etc.

LIABILITIES

Briefly describe liability
Name loan is in

BENEFICIARY INFORMATION

BENEFICIARY INFORMATION

(write “same” if same as yours)

GIFT TAX RETURNS

APPOINTMENTS

SUCCESSOR TRUSTEE. If you wish to avoid probate of your estate by executing a living trust during your lifetime, a successor trustee should be named. The person or corporate trustee selected as your personal representative is usually the same as the successor trustee. The successor trustee would manage assets if you were unable, or with a joint trust, if neither you or your spouse were able. The successor trustee would distribute assets to beneficiaries after death, or in a joint trust, should neither you or your spouse survive.
HEALTH CARE AGENT. This individual will make medical decisions on your behalf including decisions regarding medical consents, life support issues, and nursing home admission if you cannot make these decisions yourself. Frequently, the primary agent is the spouse. It is not required to appoint the same person who is your successor trustee or personal representative as your health care agent.
DURABLE POWER OF ATTORNEY (DPOA).This individual will make financial decisions including decisions regarding securities, accounts, deed, and asset transfers on your behalf should you be unable to make these decisions yourself. Frequently, the primary agent is the spouse. It is not required for your DPOA to be the same person who is your successor trustee or personal representative. You choose below whether you intend for your DPOA to assume his power immediately upon signing, or only upon your incapacity.
PERSONAL REPRESENTATIVE. The Will should name a safety net personal representative should it become necessary to probate the estate. (Personal representative is also sometimes referred to as executor or administrator.) (Example: Client #2 as primary personal representative, with a child, relative, friend, or corporate trustee as an alternate. In second marriage situations, Client #2 as the primary personal representative may not always be appropriate.)

PLAN OF DISTRIBUTION

PLEASE COMPLETE THIS SECTION ONLY IF YOU HAVE MINOR BENEFICIARIES OR BENEFICIARIES WITH DISABILITIES

GUARDIAN. If you have minor children or a beneficiary with special needs, you may need to appoint a guardian. The guardian handles the day-to-day care of the child. Name an alternate guardian to act if your first choice cannot serve.
TESTAMENTARY TRUSTEE. You may need a trustee to manage assets for beneficiaries until they reach an age when you believe they should be capable of managing assets on their own. A trustee can keep the beneficiary’s money invested wisely and use it for their education, support, etc., until they reach the age specified for outright distribution of assets to them. The trustee can be a relative, friend, trust company, or other person or institution you trust to manage and distribute assets according to your wishes. The testamentary trustee can be the same person named as the guardian, or could be a different person or institution.
AGE OF DISTRIBUTION. If you establish a testamentary trust to allow a third party to manage assets for beneficiaries, you should decide when the beneficiaries will be mature enough to manage assets on their own. You may select from the following distributions, or speak with us about a specific plan.

GENERAL QUESTIONS

Documents Needed for Completion of Estate Planning Before Signing Your Trust

While not needed now, the following documents will be necessary for us to help you fully “fund” your Trust, i.e, retitle all your assets into your Trust after you sign your Trust to avoid probate. Simply check below all that apply.

Before you sign your Estate Plan Documents, please provide us with a copy of any document or record evidencing your ownership of any of these assets. When you do provide them, also include the names of your financial institutions or insurance providers, account numbers, and mailing addresses. Copies are preferable to handwritten notes to help avoid drafting errors.


By clicking "Submit" for the Estate Planning Worksheet, Client(s) represents that all information submitted has been reviewed and approved by all parties mentioned in this form.