What Are the 7 Steps in the Estate Planning Process?

Creating the right estate plan can be an overwhelming prospect. However, if you die without preparing legally, you could risk putting your family members in a difficult situation. Don’t risk your hard-earned wealth by putting off estate planning until it’s too late. Contact our knowledgeable estate planning attorneys for excellent legal counsel and representation.

We can help identify your estate planning needs and draft the proper documents to get the customized estate plan that will work best for your unique situation. So call us today!

Create an Inventory of Your Possessions

An estate plan works best when you know what assets you are trying to protect and pass on to your loved ones when you die. Making a list of your valuables is a great way to start creating the perfect estate plan.

Consider Your Family’s Needs After Your Death

This step includes thinking about your family members and what they will need to have a comfortable life. Do you have minor children who may need a guardian appointed? Do you have a family member with special needs? These can all be accounted for in an estate plan.

Decide Who Your Beneficiaries Will Be

One of the biggest advantages of creating an estate plan is that you can control who receives your wealth after you die. Those who die intestate leave their estates up to the court. Don’t leave your friends, extended family members, and favorite charities with nothing. Contact our attorneys today to create a will that protects all of your loved ones.

Indicate How You Want Your Estate Divided

Once you know who your beneficiaries will be, you can dive deeper into how you want the money allocated. This step may include creating trusts that give you control over how and when your estate is distributed.

Store Your Documents Properly

A great estate plan doesn’t help if the right people can’t access it. Contact your attorney to find out who needs a copy of the plan and where you should store it so it can be accessed when the time comes.

Update Your Estate Plan Regularly

Your family’s needs today will probably not be the same next year or in five or ten years. The death or birth of family members can change how you want your estate plan. Marriage and divorce may also drastically affect your choices. Check with your attorney regularly to avoid the devastating effects of an out-of-date estate plan.

Seek Help from a Trusted Estate Planning Lawyer

One of the most important things to remember when creating an estate plan is to get professional help. While you could create a will online, this may not have the legal value and protection your family deserves.

Contact our law firm by calling (516)-928-6594 right away for the personalized attention you need when creating the ideal estate plan for your unique situation.