How to Estate Plan

Death of a loved one is a very stressful experience. Compounding the stress is a poorly written estate plan. Many legal and tax issues can result from an inadequate estate plan. An attorney and financial advisor can help you guarantee successful disbursement of your assets. Read on to learn more.

Instructions

Difficulty: Moderately Easy

Things You’ll Need:

• Attorney
• Financial advisor

1. Take a financial inventory of all your assets. Take the time to research insurance policies from old jobs that you may have forgotten.
2. Create a copy of your assets and take list to a financial advisor and attorney. Many times estate lawyers have in-house financial advisors on retainer.
3. Make a net worth statement with your financial advisor. It is important to update the statement semiannually.
4. Determine whom you want as your beneficiaries and executor.
5. Decide if your assets are best represented and controlled by a will or living trust.
6. Write your will or living trust with the assistance of your attorney.
7. File your will or trust in the appropriate court. This is crucial to your estate. Get the copy of the file receipt from your attorney and keep it with your important papers.

Tips & Warnings

• Be honest with your attorney and financial advisor ask their help and let them work for you.
• Do not leave financial papers in different spots at home or at work. Group your important papers together and let the executor of your estate know where they are.