Preparing for Estate Planning: One-Page Summary

Sample: One-Page Summary of the Dough Estate

(KEY: JD=John Dough, MD=Mary Dough, RD and AD=children of the Doughs; B=Beneficiary, CB=Contingent Beneficiary, J=Jointly Owned)

Insurance

MetLife (JD) 100,000 B=MD CB=RD (50%) AD (50%)
Prudential (MD) 100,000 B=JD CB=RD (50%), AD (50%)
State of New Jersey (JD) 45,000 B=MD

Pensions

TIAA-CREF (JD) 1,000,000 B=MD CB=RD, AD (50%), Rutgers (50%)
Ourtown EduFund (MD) 300,000 B=JD CB=RD (50%), AD (50%)

IRAs

Teachers (JD) 80,000 B=MD
Merrill Lynch (MD) 90,000 B=JD

Other Investments

Fidelity Mutual Fund (JD) 150,000 B=MD CB=RD (50%), AD (50%)
Duff & Phelps (MD) 50,000 B=JD CB=Ourtown Community Fund

Cash

RU Fed Credit Union (JD) 12,000 B=MD
Ourtown Credit Union (MD) 38,000 B=RD (50%), AD (50%)

Real Estate

Principal Residence (J) 200,000 (*)

Miscellaneous Valuables

Antiques, Furnishings, Cars 50,000 (*)
TOTAL 1,970,000

(* Accounted for in reciprocal wills)

 

This material was prepared by Todd Hunt, director of the Retired Faculty Association of Rutgers University.