There are a number of steps to creating and maintaining an estate plan but the key to the process is taking that first step.
Creating an estate plan is a process but there are some key steps that make it easier as explained in Kiplinger’s recently published article “5 Tips to Start Your Estate Planning Today.
The tips include:
- Start Young – The earlier you start estate planning the easier it is. By starting young, you also avoid the risk of the unexpected happening and passing away without a plan.
- Key People – A key step in estate planning is identifying the people you want to include in your plan. Ask yourself who you would want to have your assets if you were to pass away today. Also ask who you would want to be in charge of making sure those people get the assets you have left them.
- Identify What You Have – Think about all of your assets and what needs to be included in your estate plan. Make sure you include everything of importance.
- Details Matter – Be as specific as possible in deciding who gets what assets so there is no confusion when you are no longer around.
- Share Your Plan – After you get an estate plan make sure loved ones know you have a plan and how they can access it if something happens to you.
An estate planning attorney can guide you through the process for your perfect plan.
Reference: Kiplinger’s (June, 2016) “5 Tips to Start Your Estate Planning Today.”