Why should you have an estate plan? First, to control who manages and gets your assets at the time of your death. Second, to minimize expenses and legal fees. And finally, to be able to transfer a bigger share of your assets to your heirs and/or the charity or cause of your choice.

Here are questions to ask yourself as you begin developing a new estate plan or updating your current plan. In addition, contact your tax advisor and personal attorney, and speak with a Clifford & Rano Advisor.

• Do you have a will? If so, when was it last updated?
• Does your will name a guardian for your minor children?
• Do you have an estate plan? If so, when was it last reviewed?
• What assets will be available to pay your estate settlement costs?
• What steps have you taken to minimize the impact of probate?
• Are you comfortable with the executor(s) and trustee(s) you have selected?
• Do you have the right amount and type of life insurance?
• Have you considered a living trust to avoid probate?
• If you have a living trust, have you titled your assets in the name of the trust?
• Do you have a living will or durable power of attorney in case of illness or disability?
• What arrangements have you made for your potential long-term care needs?
• Are you taking full advantage of marital deductions?
• Have you used an irrevocable life insurance trust to exclude insurance proceeds from being taxed as part of your estate?
• Are you taking advantage of the $12,000 ($24,000 if married and gift splitting) annual gift tax exclusion which may minimize future estate costs?
• Have you considered a charitable remainder trust to provide income to your beneficiaries for a specified period, after which the remaining principal would eventually pass to charity?
• Have you considered a 529 plan, which may help reduce your taxable estate and provide tax advantaged educational benefits to your heirs?