An overview of the estate planning process

On Behalf of | Jul 7, 2021 | Estate Planning |

If you are thinking about setting up an estate plan, or you need to make changes to your existing plan, it is very important to understand the options on the table. Some people lack familiarity with the estate planning process and by going over the ins and outs of creating an estate plan, you can work toward having a plan in place that protects you and your loved ones.

When it comes to estate planning, realize that everyone is in a unique situation. Therefore, an individualized approach to your estate is vital.

Designing your estate plan

There are many different types of estate plans and you need to determine which one suits your needs best. Some people set up a trust (there are many kinds of trusts), while others opt for a will. According to the Office of Financial Readiness, many people meet with an expert advisor when starting their estate plan, especially those with unique financial circumstances.

Make sure you pore over your finances, the needs of your family members and your goals. Take a close look at your financial documents and find answers to any questions you have. Carefully work on your estate plan and inform your loved ones of any responsibilities they will have.

After you sign your estate plan

Even after you sign your estate plan, multiple issues require your consideration. For example, ensure you make necessary changes to financial documents and keep your estate documents in a safe place. Also, you should review your estate plan from time to time and make updates when needed.


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