Five Steps to Begin Your Estate Planning
ONE - Inventory your assets.
Compile a list of all your assets and their value. Once you've got it all organized you can start thinking about what to do with it.
TWO - Think about your priorities.
What are you looking to achieve? Before you get down to the specifics of planning, consider your priorities and goals.
THREE - Identify your beneficiaries.
Make a list of the individuals and organizations that you want to provide for in your estate plan. Note any conditions that might determine the method and circumstances.
FOUR - Call a family meeting.
If applicable, work closely with your spouse from the beginning. Coordinating plans between spouses often leads to additional savings for your estate. You may also want a meeting to discuss your plans with children or other family members.
FIVE - Seek professional assistance.
Even if you only need a simple will, it is advisable to seek the help of a qualified attorney and, as needed, other professional advisors. Professional guidance is most often a worthy investment to ensuring a proper plan.
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