You’ve come to the conclusion that there’s no better time than now to create your first estate plan.
Congratulations!
Although it’s a challenging process, as you’ll come face to face with many questions and concerns, it’s extremely rewarding in the long run.
The first thing you need to do is prepare for the estate planning process. This differs from one person to the next, but there are some basic steps anyone in this position can take. Here are three of them:
- Write down your short and long-term goals: You’ll have a variety of goals associated with your estate plan, so write these down upfront. Doing so will allow you to create your estate plan accordingly. For example, if you want to protect your assets from probate, you should consider the creation of a trust.
- Involve your spouse, if applicable: If you’re married, you should include your spouse in the estate planning process. They’ll bring a different perspective to the table, while also helping you make decisions that will benefit the two of you (and any children you may have together).
- Tally your assets: Make a list of all your assets, including an estimated value. This is likely to change as you age, but that’s okay. You can alter your estate plan accordingly. For now, you simply want to have a clear idea of your current assets, as this allows you to protect them.
When you do these three things, you’ll soon find that you feel better about kicking off the estate planning process. As long as you continue on the right path, you’ll eventually end up with an estate plan that suits all your wants and needs.
Should you have any questions about creating an estate plan, don’t hesitate to contact us. We’ll do whatever it takes to help you reach all your goals.
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