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OTHER NAMES Probate and Estate Planning Worksheet Estate Planning Checklist

What is an Estate Planning Worksheet for Married People?

If you and your spouse are planning a will or living trust as a married couple, it may be difficult to know where to start. For new couples, the Rocket Lawyer Estate Planning Worksheet can serve as a comprehensive estate planning checklist to help you get organized.

Being married may benefit your estate but it can also complicate the paperwork. Help keep things simple with an Estate Planning Worksheet. When you and your spouse are planning your estate you could probably use some guidance. Is more complex estate planning in order? What are the possible issues? Maybe you're preparing to meet with a tax, financial, or legal advisor. It's a good idea to get as organized as possible. Ensuring you're able to take care of everyone you need to is a big job but a little planning now can help make the process easier. Our worksheet can provide a simple and easy Estate Planning Checklist to help get the conversation started.

When to use an Estate Planning Worksheet for Married People:

You and your spouse are getting ready to prepare a will or trust.
You and your spouse are figuring out the size of your estate.
You need to find out if more complex planning is in order.
You and your spouse are preparing to meet with a professional about estate planning.

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ESTATE PLANNING WORKSHEET

Prepared on

for

. PERSONAL INFORMATION: The person preparing the Will needs to know some personal information about you, including your marital status and whether you have children.


	Will writer


	Address


	,


	Phone


	Birthdate


	Employer


	Phone	Ext.

Marital Status: I am married.


	Spouse


	Birthdate


	Employer


	Phone	Ext.

Prior Marriages:

Children:

. THE VALUE OF YOUR ESTATE: The value of estate assets is needed to determine whether "estate taxes" may be an important consideration in the preparation of a will (or living trust). Although federal estate taxes are not usually a factor in estates of less than $5,120,000 as of 2012, it may become important to consider more complex estate planning techniques in estates of $4,000,000 which could grow to those levels. The manner in which assets are held (e.g., "jointly" or "in one name only") is also important in determining who will receive certain property (i.e., generally, "joint" property goes to the "surviving" joint tenant regardless of what the will may provide).


Cash Accounts


Investments


Retirement Accounts


Life Insurance


Personal Residence


Other Real Estate


Business Property


Personal Property


Other Assets


Personal Res. Mtg.


Credit Cards


Other Loans & Debts

. DISTRIBUTION OF THE ESTATE ASSETS: The persons or organizations (beneficiaries) who will receive the assets of the estate must be identified.

This summary assumes that any specific bequests noted above have already been made.This summary assumes that any specific bequests noted above have already been made.This summary assumes that any specific bequests noted above have already been made.This summary assumes that any specific bequests noted above have already been made.This trust should be activated only if my spouse does not survive my death.. When the youngest child reaches the target age, the Trustee begins an outright distribution of the trust assets to the children.When the youngest child reaches the target age, the Trustee begins outright distributions of the trust assets to the children.The trust assets should be distributed outright to my children when my youngest living child has reached the age of years. Rather than distributing all of each child's share at one time, the assets should be distributed in

First Choice:

(The Guardian cares for the "person," while the Trustee manages the property of the minor.)


	Name


	Name	and

Second Choice:


	Name


	Name	and


	City, State	,

. EXECUTOR: An executor is the person or organization named in a Will who has the responsibility to carry out the terms of the Will (i.e., collect the assets, pay the debts, and distribute the remaining assets to the beneficiaries). In some states, the executor is also known as a "personal representative".


	- "Living trust" -- a trust created during a person's lifetime that can act as a Will substitute.


	- "Marital deduction" -- a tax law provision that allows an unlimited amount to be distributed under a Will (or Living Trust) to a spouse, without being subject to federal estate taxes.


	- "Credit trust" -- a trust created under a Will (or as part of a Living Trust) that allows a married couple to maximize the amount of estate assets that will not be subject to federal estate taxes.


	- "Marital trust" -- a trust created under a Will (or as part of a Living Trust) that provides support for a surviving spouse and can also specify how the marital trust assets should be distributed after the spouse's death.


	- "Generation skipping transfer tax" -- a tax on transfers to grandchildren and other "skip persons" after the aggregate amount of such gifts and bequests exceeds $5,000,000 in 2012 or $1,000,000 after 2012.


	- "Irrevocable life insurance trust" -- a mechanism for owning life insurance policies so that the death benefits payable on the policies are not subject to federal estate tax.


	- "Charitable trust" -- a trust that provides income or other benefits to a charitable organization, and also provides income tax and estate tax advantages to the person who contributes assets to the trust.