Steps to take before creating an estate plan

| Nov 30, 2020 | Firm News |

If you are thinking about setting up an estate plan, there are a number of different topics to focus on. Aside from figuring out which approach is best for you and those you love, you need to look at your individual circumstances and move forward carefully. The decisions you make and the way in which you develop your estate plan will likely have a significant impact on your estate and those you love.

Some people feel overwhelmed while in the early stages of creating an estate plan, but you can focus on critical aspects of the process and make sure that you do not overlook critical aspects of your will or trust.

Reviewing the first steps to take with your estate plan

According to the Office of Financial Readiness, there are various factors that people need to consider before designing and signing an estate plan. For example, you should have a clear understanding of your expectations and goals, and it is important to discuss these topics with loved ones. Make sure that you have a solid understanding of the unique circumstances your family is facing as well as your financial situation. Moreover, compile a list of questions and concerns that you have.

Reviewing the process of designing an estate plan

It is also important to carefully go over all relevant documents and design an individualized plan that will benefit you and those you love. If you are naming a guardian or appointing an executor, discuss these responsibilities with your loved ones. Make sure that you carefully pore over all of the details of your estate and find answers to any areas of concern before signing. Moreover, make sure you review your estate plan periodically, especially since relevant laws (and different facets of your life) can change over time.