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7 Steps To Your Estate Plan

writing a list for estate planning

Estate planning is the perfect way to prepare for any contingencies. If you are injured, your family is protected. If, Heaven forbid, you pass away unexpectedly, your family is also protected.

Here are steps you can take to get your estate plans in order:

  1. Write a Will

Estate planning lawyers can assist you with this, of course. If you have minor children, an important component of the Will is naming a guardian to take care of them if both parents pass away.

  1. Think about setting up a trust

A living trust helps to avoid probate, so it could save your loved ones time and money.

  1. Establish a Living Will

A Living Will allows you to designate trusted individuals to make medical decisions for you if you cannot.

  1. Name a durable power of attorney for your finances

Similar to the Living Will, this designation covers decisions regarding your assets, if you are unable to communicate or make these decisions for yourself.

  1. Choose an adult to manage your kids’ inheritances

Often, this is the same person you have designated as the guardian of your children. Managing property and money for minor children can help protect their interests.

  1. File all the beneficiary forms

When you make an account “payable on death,” whether it is a retirement plan or a bank account, then your beneficiary can access the funds and skip part of the probate process.

  1. Pre-pay your funeral expenses

Funeral prepayment plans do not always work. The funeral company can go out of business or the plan might not be valid if you relocate before your death. Another option is to purchase an insurance policy specifically for funeral expenses. Pre-planning and pre-payment of funeral expenses avoids additional grief and uncertainty from your family if they are trying to plan your funeral right after your death.

The steps seem simple, but the process can become complex and all documents need to be properly completed and filed with the court to be considered a valid estate. An experienced estate attorney is someone who can work with you to make sure your estate is set up according to your wishes.

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