Create Your Estate Plan

To start, one of the most important steps in any estate planning process is consulting an estate planning attorney. Estate planning involves organizing your assets and wishes so they’re handled the way you want after you are deceased or become unable to manage them. Estate planning is important because it gives peace of mind.

Essential Documents for Estate Planning

Estate planning involves creating documents that detail your wishes. The most common 4 documents created are listed here:

• Will: States who gets your assets after death
• Trusts: Manage assets during life and after death; can avoid probate
• Power of Attorney: Lets someone handle finances/legal matters if you can’t
• Living Will & Healthcare Proxy: Outline medical wishes and appoint a decision-maker

Estate Planning Best Practices

When working with your attorney, developing an estate plan that includes documents such as wills, trusts, and power of attorney. In addition, review your bank and financial accounts and consider the following best practices:

Keep Financial Accounts Active and Information Updated

• Regularly engage with your financial accounts to prevent them from being considered dormant.
• Update your contact information with financial institutions to ensure you receive all communications.
  • Inactive accounts with outdated information may be deemed abandoned and turned over to the state.

 Designate and Update Beneficiaries

• Ensure all your financial accounts, insurance policies, and retirement plans have designated beneficiaries.
• Regularly review and update these designations, especially after major life events like marriage, divorce, or the birth of a child, to ensure your assets go to the intended individuals.

 Protect & Safeguard

• Designate a trusted contact or power of attorney, keep family involved in financial oversight.
• Use strong account security (passwords, two-factor authentication).
• Consistently monitor all accounts and credit for unusual activity.
• Stay mindful of common scams and to never rush into money transfers or share personal data over unsolicited calls, letters, or online messages.