Steps in Creating an Estate Plan

People without estate plans may be prompted to create one if they experience a major life changing event, such as marriage or the birth of a child or sudden illness, or death of a loved one. Other prompts include changes in assets or in tax law, or witnessing friends go through difficult times. While the estate planning process may feel overwhelming, breaking it down into a series of steps helps minimize the stress.

An important first step would be to understand what your assets are, what your goals are during life and post death, and who within your circle do you trust to make financial and health care decisions for you?

The next step is to identify an experienced elder law attorney. After meeting with you, an experienced attorney will be able to identify and explain the most appropriate options available to you in order to help achieve your goals. Typical estate planning documents include a Last Will and Testament, Power of Attorney, Health Care Proxy and Living Will. Estate planning may also include a Trust created and funded during your life.

Things to consider when creating your estate plan include whether you should name a guardian to care for you minor children; whether to create a trust for a minor or other beneficiary under disability; who will act as the Executor of your estate. Also, who would you trust to manage your financial affairs during your life if you are unable to do so. Similarly, who would make health care decisions on your behalf if you're unable to speak for yourself.

Estate planning documents must be validly executed and should be reviewed every three to five years, or when major life changes occur to ensure that they remain up to date.

Having a well-crafted, tailored estate plan, will provide you and your loved ones peace of mind. The team at the Meier Law Firm are here to help.