FIVE STEPS To Begin Your Estate Planning
STEP ONE
Inventory your assets.
Compile a list of all your assets and their value. Once you've got it all organized you can start thinking about what to do with it.
STEP TWO
Think about your priorities.
What are you looking to achieve? Before you get down to the specifics of planning, consider your priorities and goals.
STEP THREE
Identify your beneficiaries.
Make a list of the individuals and organizations that you want to provide for in your estate plan. Note any conditions that might determine the method and circumstances.
STEP FOUR
Call a family meeting.
If applicable, work closely with your spouse from the beginning. Coordinating plans between spouses often leads to additional savings for your estate. You may also want a meeting to discuss your plans with children or other family members.
STEP FIVE
Seek professional assistance.
Even if you only need a simple will, it is advisable to seek the help of a qualified attorney and, as needed, other professional advisors. Professional guidance is most often a worthy investment to ensuring a proper plan.
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