Starting an Estate Plan

Steps to Start Estate Plan

Creating a plan for your estate is an essential task. It creates a road map for your family and beneficiaries to follow, in the event of your passing, that is clear and legally binding. The scope of your estate plan should consider all assets, as well as your medical care and the care of your dependents. This is done by using wills, trusts, power of attorneys, heath care directives, tax planning, and more. Below is a checklist of items to get started on making an effective estate plan for you and your family.

1. Take inventory of tangible assets: Create a full list of every item of value you can think of (we can provide a helpful guiding document). Tangible assets will include cars, trucks, boats, planes, ATVs, furniture, jewelry, real properties, artwork, collectibles, and other physical items that have either cash value, or sentimental worth. Be sure to note the locations, include serial numbers, and take appropriate images of these items.
2. Take inventory of intangible assets: This list of assets is a little different than the first. It should include: Life insurance plans, bonds, annuities, retirement accounts, pensions, brokerage accounts, bank accounts, digital assets, and other items of a non-physical nature.
3. Get a clear picture of your current liabilities: A list of debts, as these must be paid before beneficiaries can receive their portion of your estate. Mortgages, auto loans, credit cards, private loans, and all other forms of monetary obligations must be satisfied.
4. Account for your family members: Create a comprehensive list of every member of your family, and their relationship to you, regardless of whether or not you wish to include them in your plan. It is important to include every person, and additionally, every pet. This will help you going forward to be sure that no one is forgotten.
5. Create a general plan: Begin to consider which person (beneficiaries) will be granted which assets. You should account for all of your tangible and intangible assets as well as consideration for the caretaking of children and pets.
6. Make some tough medical decisions: Consider things like handling your end-of-life care, plans for potential incapacitation, and who will be your medical power of attorney. Having your medical future planned out for multiple scenarios will reduce stress on your family should any of these decisions have to be made. Do not be intimidated by these questions, your knowledgeable attorney will help guide you through this decision making.
7. Gather important documents and information: Having all of the pertinent documents, account locations and numbers, passwords to liquid assets, contact information for professionals assisting with assets, and other similar information can help expedite the estate process. Copies of these documents should be; kept together, easily accessible, and in a location known to the beneficiaries of the documents within. A Letter of Instructions is a helpful method to direct your family members and beneficiaries to these important documents.
8. Choose a law firm to assist you: Creating a legally binding estate plan can be complex. Our attorneys can take your plan outline and create documents that will accomplish what you set out to do. There are federal and state laws that can affect how you set up your estate in order to reflect your goals and wishes for your family. At The Whipple Law Group, our experienced estate planning attorneys will help you create a robust plan to protect your interests and assets. We take pride in getting to know our clients well in order to establish an estate plan that is catered specifically for their unique situation.
9. Update your estate plan regularly: Life changes in substantial ways very quickly. Assets change hands, relationships end or deepen, and you want your plan to reflect the most current standing of all these things. Sometimes your plan should change based on marital status, age of children, large purchases, and other life events. We alert you to the most common ways a plan should change and be here for you to change it when you see fit.

Comprehensive estate planning is absolutely one of the most loving things you will ever do. By completing the above process, you will rest easier knowing your family has clear, legally binding instructions to follow for the transfer of your estate's assets when the need arises. Regardless of the size of the estate, it is crucial to establish these legal documents to save friends and family time, expenses, and energy when they administer the estate.