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4 Steps for Setting up Your Estate Plan

Posted by Zach Dana on May 19, 2017

You know you should plan your estate to make things much easier for your loved ones in the event of your passing, but the truth is that estate planning probably hasn’t made its way onto your “to do list” just yet. You’re not alone.  In fact, the reason most people put off planning their estate is because they don’t know where to start.  While estate planning can seem overwhelming, it really doesn’t have to be. We’ve put to together four simple steps for setting up your estate plan that will set your mind at ease when thinking about your turn to get this going.

1. Think about Your Goals and Write them Down. 

Your goals should be statements, such as:

  • I want to keep the family business going.
  • I want the lake house vacation home to stay in the family for generations to come.
  • I want the money I leave my grandchildren to go to their education

2. Who Do You Trust?

When it comes time to execute your estate, you will want someone you trust overseeing the execution.  This person should only have your interests in mind, rather than their own.  Typically, a professional estate planning attorney is the most practical choice.

3. Make a List of Your Assets

Along with a list of your assets, include their values.  When you sit down to plan your estate with an estate planner, he or she will use this information for determining the best plan. Assets that you should include in your list are:

  • Your Home
  • Investment/Vacation Property
  • Bank Accounts
  • Savings/Investment Accounts
  • Retirement Accounts
  • Life Insurance
  • Family Owned Business

4. Use a Professional

Because estate laws can frequently change and because it is such a technical process, hiring a professional estate planner will avoid any mistakes. Once you’ve completed the beginning steps outlined above, an estate planner from Dana Law Group can guide you through the rest of the process.  By using an estate planner, you can avoid any mishaps along the way.  The estate planner can help put restrictions in place, for example, if children need to sell the vacation home that was left for them.  The profits can be split evenly among the children, for example.  All in all, an estate planner is helping your plan for the future, for the unforeseen, and because they are experts, they are able to anticipate problems much better than those who have never planned an estate before.

To learn more about estate planning or to schedule an appointment to start planning your estate with our reputable estate planners, call us today at 1-800-381-8132.