Creating an estate plan can be manageable, and it will only be if you follow a checklist and work with an experienced attorney.
Here are five estate planning steps everyone should have on their checklist when working on their estate plan.
1. What do you want to accomplish with your estate plan?
You may want to make sure you have some assets set aside that you can leave to a charity you love, or you may have young children, and your number one priority is ensuring they are well taken care of. Whatever your specific goals are, take a little time to write them all out.
2. Take Inventory
Before deciding who gets what, you need a detailed list of your assets and liabilities. Please list everything with your name on it, including bank accounts, credit cards, property deeds, student loans, retirement accounts, insurance policies, TIMESHARES, mineral rights, the old bonds covered with dust…. EVERYTHING no matter how small or seemingly insignificant.
3. Decided Who Will Be In Your Plan
Throughout your estate plan, you must designate different people as beneficiaries, trustees, guardians, and other roles. You will want to think carefully about who you want to inherit your assets, who you trust to care for your children, and who will handle your affairs after you pass away.
4. Create the Necessary Documents
An estate plan only takes effect if it is correctly documented. There are several different estate planning documents that all serve other purposes. It would be best if you worked with an estate planning attorney to ensure you have all the necessary documents in place and that all these documents are correctly created.
5. Review & Update Your Plan Regularly
An estate plan will not automatically update if something in your life changes, so you must be sure to update your plan after any significant life event. If you get married, get divorced, have children, purchase a new property, open a money market account, or make any other significant changes to your financial picture, you need to make sure that your estate plan is updated to reflect these changes.
Heidi S. Webb, Attorney at Law, serves clients in Daytona Beach, Ormond Beach, Port Orange, and beyond with matters of Elder Law, Estate Planning, and Small Business Law. Contact her today to schedule a free consultation. Visit her page on Facebook, or see what her clients are saying to learn more about Heidi.
