Estate Planning Worksheet for Married Couple

ESTATE PLANNING WORKSHEET FOR MARRIED COUPLE

Information provided is held in complete confidence, and is used for the sole purpose of analyzing estate planning needs and designing estate planning documents. Preparation of this worksheet is not mandatory prior to the initial appointment with us, but if we are able to review the completed worksheet prior to your appointment, more information and value will be received during the complimentary initial consultation.

WE OFFER A FREE NO-OBLIGATION 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 current plan will be analyzed, and methods of reducing costs and accomplishing goals will be discussed. In most cases, an exact quote on fees for estate planning can be provided before you decide to authorize completion of your estate plan.

Attorney Colleen Cowles, Cowles Law Office

(715) 828-0293 Colleen@ccowleslaw.com

If single, (including divorced or widowed and not remarried) use the Estate Planning Worksheet for single individuals available at www.ccowleslaw.com. If same gender relationship, use that worksheet available at www.ccowleslaw.com.

Husband's Name*

First NameMiddle NameLast Name

Date of Birth*

Email

Phone Number

Please enter a valid phone number.

Wife's Name*

First NameMiddle NameLast Name

Date of Birth*

Email

Phone Number

Please enter a valid phone number.

Address*

Street Address

Street Address Line 2

CityState / Province

Postal / Zip Code

County*

Husband's Occupation*

Wife's Occupation*

Marital Status*

MarriedSeparated

Date of Marriage*

What is your primary motivation for considering estate planning? (Select one or more)*

How soon would you like to complete planning? Is there a specific deadline, such as an upcoming trip, surgery, etc.?*

Do you presently have a will?*

	Yes	No
Husband
Wife

Do you presently have a trust?*

	Yes	No
Husband
Wife

Are you interested in avoiding probate on your estate?*

	Yes	No
Husband
Wife

Were there any previous marriages?*

	Yes	No
Husband
Wife

Are any of your children not from your current relationship?*

	Yes	No
Husband
Wife

Do you own a farm or business?*

	Yes	No
Husband
Wife

If yes, do any of your children work in the business with you?

	Yes	No
Husband
Wife

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

	Yes	No
Husband
Wife

Are you a US citizen?*

	Yes	No
Husband
Wife

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

	Yes	No
Husband
Wife

If yes, please describe briefly.

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

	Yes	No
Husband
Wife

Do you hold everything jointly with your spouse, or is some property separate?*

All joint (except IRA's, pensions, etc.)Some separate

CHILD/BENEFICIARY #1. Insert Legal Name as it should appear on documents.

Child/Beneficiary #1. Insert Relationship (e.g. Child, Niece, Brother)

Child/Beneficiary #1. Address

Child/Beneficiary #1. Date of Birth

CHILD/BENEFICIARY #2. Insert Legal Name as it should appear on documents.

Child/Beneficiary #2. Insert Relationship (e.g. Child, Niece, Brother)

Child/Beneficiary #2. Address

Child/Beneficiary #2. Date of Birth

CHILD/BENEFICIARY #3. Insert Legal Name as it should appear on documents.

Child/Beneficiary #3. Insert Relationship (e.g. Child, Niece, Brother)

Child/Beneficiary #3. Address

Child/Beneficiary #3. Date of Birth

CHILD/BENEFICIARY #4. Insert Legal Name as it should appear on documents.

Child/Beneficiary #4. Insert Relationship (e.g. Child, Niece, Brother)

Child/Beneficiary #4. Address

Child/Beneficiary #4. Date of Birth

CHILD/BENEFICIARY #5. Insert Legal Name as it should appear on documents.

Child/Beneficiary #5. Insert Relationship (e.g. Child, Niece, Brother)

Child/Beneficiary #5. Address

Child/Beneficiary #5. Date of Birth

CHILD/BENEFICIARY #6. Insert Legal Name as it should appear on documents.

Child/Beneficiary #6. Insert Relationship (e.g. Child, Niece, Brother)

Child/Beneficiary #6. Address

Child/Beneficiary #6. Date of Birth

APPOINTMENTS

Note: In a joint revocable trust, both spouses will be primary trustees and surviving spouse will continue to be primary trustee in most cases. Appointments named below are trustees to act when neither spouse is competent or survives. For consistency and so duties of different appointees don't overlap, personal representative, agents on financial powers of attorney and trustees will be assumed to be the same for purposes of this worksheet.

Appointments when neither spouse can act:

1: Successor Trustees, Personal Representatives and Agents under Financial Powers of Attorney:

First Alternate after Spouse (Name one or if more than one should act together, insert all co-personal representative names here.)*

Second Alternate

Third Alternate

2. Health Care Agent. Who should be named to make medical decisions on your behalf including decisions regarding medical consents, life support issues, and nursing home admission if you were unable to make these decisions yourself? The health care agent may be different than the personal representative and the successor trustee since authority to make medical decisions doesn't overlap with financial decisions.

Husband's Health Care Agent*

Husband's Alternate

Husband's Second Alternate

Husband's Third Alternate

Wife's Health Care Agent*

Wife's Alternate

Wife's Second Alternate

Wife's Third Alternate

1. Specific Gifts. Do you want to make gifts to a charity? Do you wish to make a specific gift to a particular person, such as a piece of jewelry to a particular child?

2. Briefly describe the plan of distribution for assets remaining after any specific gifts described above are made. (Don’t worry about tax planning or other considerations in answering this question. We’ll consider those details later if needed.)*

All to spouse. If spouse doesn't survive, then among children, and if a child doesn't survive, the deceased child’s share to the deceased child’s children.All to spouse. If spouse doesn't survive, then equally among surviving children.All to spouse. If spouse doesn't survive, then to others. (See below.)Others (See below.)

If one of the last two selections above were chosen, insert plan of distribution below.

3. Ultimate Distribution. If you'd like to provide for the distribution of assets if neither you, your spouse, nor your children/other beneficiaries named above survive, insert plan of distribution here.

Notes and Questions: Please note anything else which may be of importance in planning your estate, or note any questions you may have.

INCOME/ASSET/LIABILITY INFORMATION

This information is for the purpose of tax planning and to assess most appropriate estate planning techniques for you. This information helps us in preparation for the appointment and is held in confidence.

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, what is the approximate total value of the estate of yourself and your spouse?*

What is the approximate value of death benefits on life insurance for husband?*

What is the approximate value of death benefits on life insurance for wife?*

TYPES OF ASSETS OWNED*

Real EstateIRAs / 401KsStocks/Bonds/Other SecuritiesBusiness - Sole Proprietorship, Partnership, LLC (Non-Publicly Traded)

Real Estate - Number of Parcels*

Other Assets

What is the total amount of your outstanding liabilities?

Additional Notes

Type a question

Complete this section if you have young beneficiaries, beneficiaries with disabilities, or if grandchildren or other young beneficiaries would inherit if a primary beneficiary didn't survive. These questions provide information to establish trusts to manage assets until beneficiaries reach designated ages. If management of assets would never be needed, this information is not required and your worksheet is now complete. Scroll down and hit the SUBMIT button.

1. Guardian. If you have child(ren) or other beneficiary(ies) who are minors or who have special needs, you may need to appoint a guardian. The guardian is responsible for the day-to-day care of the child. It is a good idea to name an alternate guardian to act if your first choice cannot serve.

Guardian

Alternate

2. 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.

Testamentary Trustee

Alternate

3. Age of Distribution. If you do establish a trust to allow a third party to manage assets for beneficiaries, then it is necessary for you to decide when the beneficiaries will be mature enough to manage assets on their own. You may want to give each beneficiary his or her share at the time the beneficiary reaches a particular age. You may consider splitting the distribution, such as ½ at age 25 and the balance at age 30, or 1/3 at 21, 1/3 at 25, and 1/3 at 35. You may use any age or combination of ages that you choose.

Enter ages and fractions

CHILDREN/BENEFICIARIES

If there are more than six add additional information in the notes area at the end of the form.

PLAN OF DISTRIBUTION