Estate Planning Checklist for Busy People • Determine your current and estimated down-the-road needs including providing for retirement and the possibility of disability. • Make a list of your assets including cost basis, current fair market value and how they are owned (i.e., separate property, joint property). • List your debts -- including potential estate taxes and the assets your estate will use to pay them. • What do you wish to pass on to others? Consider the strengths and weaknesses of potential beneficiaries and their current and future needs. • Determine who would be appropriate fiduciaries -- trustees, executors, guardians for minor children, and holders of powers of attorney. • Consider the pros and cons of transferring some assets to family members or charitable organizations during your lifetime. • High-net-worth individuals (formerly known as rich people) will want to consider tax-saving techniques such as family limited partnerships, qualified personal residence trusts, grantor retained annuity trusts and life insurance trusts. • Plan for the continuation, sale or transfer of your business with minimum erosion by taxes and mismanagement. • Have an up-to-date will or living trust that carries out your wishes and minimizes administration expenses and taxes on your estate. • Review your life insurance and pension plans including beneficiary designations and payment options. • Have a current living will stating your directions about life-prolonging medical procedures if you are unable to communicate those directions. Download a living will form and instructions for your state at Choices.org • Married couples should generally plan their estates so that neither spouse will have to forfeit his or her unified gift and estate tax exemption -- currently $675,000 and rising to $1 million by 2006. • Have a current durable power of attorney for financial matters that gives another individual or trust company the power to act on your behalf if you are incapacitated. • Go see your lawyer. Tie it all together. Then go about enjoying your life.