09/03/2024
1. Gather your assets.
Inventory everything you own, from cars to collectibles.
2. Protect your family.
Think about if you have adequate life insurance to leave your family in a position where they could maintain the life you currently lead.
3. Determine the plan that’s best for you.
Decide what type of Estate Plan you need.
4. Choose who you would like to be guardian of your children/pets/self.
If you have children or pets, or if you care for another loved one who cannot care for themselves, you want to choose a guardian. You can also name the person you would want to make medical and/or financial decisions on your behalf should you ever become unable to do so for yourself.
5. Determine and establish the necessary directives.
There are several directives you should include in your Estate Plan, including but not limited to:
Durable Power of Attorney
Medical care directive
Limited Power of Attorney – LPOAs are less commonly used (Durable POAs are more frequently the norm), though an LPOA can be appropriate in some instances.
6. Name your Beneficiaries.
Some documents and accounts will have Beneficiaries already designated. These could include retirement plans and life insurance policies, to name a few. But there are other assets you should note in your Will or Trust if you’d like to leave them to a specific person. If there is an opportunity, you should name contingent Beneficiaries. Keep in mind that Beneficiary designations will only go into effect after you pass, so if you become incapacitated and unable to make decisions, you need to have prepared for more than simply naming Beneficiaries.
7. Find a trusted partner.
Explore your options for creating your Estate Plan. This can be face-to-face with an attorney or you may choose to use another service provider. You have options, but some are going to be much more expensive than others. If you don’t have an overly-complicated estate, working with a partner like Trust & Will could be the perfect solution to starting on the path of Estate Planning.
8. Create your plan.
If you’re using an online program to create your Estate Plan, be sure to go through all the steps and finalize everything.
9. Sign and notarize your Estate Plan.
Don’t forget to check how many witnesses your state requires.
10. Notify your Executor.
It’s a good idea to let the person you chose to be your Executor know of your intentions.
11. Store your Estate Planning documents.
Put your Estate Plan in a safe place where your loved ones can easily find it. A fireproof safe is a good idea.
12.Update as needed over time.
There isn’t a hard rule about when you should update your Estate Plan, but a good rule of thumb is try to update it whenever you have a major life event (birth of a child, death of someone important to your plan, marriage, divorce, etc.). And if you find you haven’t had any life events in recent years, try to review and update as needed every 3 - 5 years.
