estate planning basics a 7 step checklist

#ESTATE PLANNING BASICS A 7 STEP CHECKLIST HOW TO#
#ESTATE PLANNING BASICS A 7 STEP CHECKLIST UPDATE#

What is the 5 by 5 rule in estate planning? They will aid you in fine-tuning your estate plan and maximizing its benefits for both you and your loved ones. Hiring an attorney to guide you will help you every step of the way. Keeping the documents in one specific place will help you stay organized.

Not only should you store all your important documents, but they should all be kept in the same place. Buying a life insurance policy will benefit those family members you leave behind after passing away. If you own a house and/or have younger children, you should opt for life insurance. If this situation arises, you will want to have a healthcare plan in place. Review your healthcare optionsĭepending on when you may need special housing arrangements, healthcare programs can offer the financing of nursing homes and assisted living. If there is an unexpected death or illness, for example, the trust will guarantee that the estate will be handled properly, according to your stated terms. The goal of forming a trust is to avoid the arduous process of trust administration, or probate.

#ESTATE PLANNING BASICS A 7 STEP CHECKLIST UPDATE#

After major life events such as marriage, the birth of a child, or retirement, be sure to update your will. Your will can also state who will take guardianship of your children, if you have children. Your beneficiaries can either be your close friends or your family members. The more aware you are of what you own, the easier it will be to create a detail-oriented plan.Īfter you have taken inventory of your estate, gathering everything you own, you can set a will, ie a list who gets what. The first step in your estate planning strategy should be to narrow down what belongs to you. Let’s look at the 7 basic steps in the estate planning process. Meeting with a personal estate planning attorney will make it easier to finalize your plan and move forward. These 7 steps are geared toward simplifying asset-planning. What are the 7 steps in the estate planning process?Įstate planning does not have to be a daunting task especially if you follow certain steps. You’re also welcome to share this more widely as a client education piece. This can serve as an introduction for new financial planners and a refresher for seasoned professionals.

#ESTATE PLANNING BASICS A 7 STEP CHECKLIST HOW TO#

In this article, we will break down how to create a sound estate planning strategy. There are also common mistakes that people make and rules that you can take advantage of. No matter what your client decides, there are definite steps to estate planning. Passing along something of value to a favorite charity can even be part of an estate planning strategy. Most people have something of value that they want to pass along to loved ones. You do not have to be wealthy to start considering an estate planning strategy.

Now you’re ready to create a solid estate planning strategy.

What are the 3 main priorities you want to ensure with your estate plan?.

What are the most common estate planning mistakes?.What is the 5 by 5 rule in estate planning?.What are the 7 steps in the estate planning process?.

Estate planning basics a 7 step checklist