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There's no question about it, estate planning is daunting. In fact, studies suggest that the average person spends less than three (3) hours preparing for the distribution of what they spent the last 60 years amassing. For that very reason, a "checklist" may be very helpful as you start (or review) your Estate Plan.

Estate Planning is just that "planning". But at the same time a plan is worthless without action. In fact, it has been suggested that estate planning, when done well, is really an almost endless series of small actions, each one build upon the last plan, and supporting the next. In light of this, the adage of the ancient Chinese philosopher, Lao-tzu: "A journey of a thousand miles begins with a single step." is most appropriate here.

The 'first step' of this 'journey,' is blank paper-five (5) pieces of blank paper to be precise. At the top of each piece of paper write one of the "Five P's"-People, Property, Plans, Planners, and Priories-so that when you are done you have one sheet dedicated to each of these "Five P's".

People: Simply put, Who are the people in your life? Make a list of every person who you consider an important part of your life. Two things to remember: 1) When in doubt, put them on the list; 2) You will almost certainly come back to this list to confirm, and add names in the next few days/weeks. As noted, be as inclusive as you can, just because they are on your list doesn't mean they have to be in your estate plan, but you don't want to forget anyone. This is also where you would list any organizations you care about and/or support (church, school, hospital, etc.) Hint: Start with your Christmas card list. Believe it or not, this "P" is the easiest of the five.

Property: This is the second hardest of the five P's to complete. This list needs to be a complete and somewhat detailed list of EVERYTHING you own. This includes things you own with other people (joint checking accounts [Is your name on your parents' account? Yes, then in the eyes of the IRS you own part of it.], business ventures, house(s), life insurance, retirement plans, etc.). You also need to list HOW you own it; that is, solely, jointly, etc.. You will also want to note any outstanding debts on the property. If you live, own property in, or even hold property acquired in any of the 'Community Property' States (AK, AZ, CA, ID, LA, NM, NV, TX, WA, WI), you will need to note that as well. The last (and hardest) part is valuation. This is difficult for many reasons, not

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