Estate planning can feel uncomfortable, but it’s one of the most meaningful ways to care for your loved ones. A thoughtful plan can reduce confusion, avoid delays, and bring clarity at a time when your family will need it most.
Whether you’re just starting the estate planning process or reviewing an existing plan, including the following steps can help ensure your intentions are clearly documented and easy to follow.
1. Take inventory of your assets and liabilities
Begin by listing everything you own: real estate, vehicles, personal property, bank accounts, retirement plans, brokerage accounts, and life insurance policies. Include account numbers and contact details. Then list your debts, such as mortgages, loans, and credit cards, with the same level of detail.
2. Establish a will and testament
Your will outlines how your assets should be distributed. A trust may offer additional control and help your family avoid probate. It’s also important to name a healthcare proxy and establish a durable power of attorney in case you’re ever unable to make decisions on your own.
3. Designate beneficiaries for your assets
Designate beneficiaries for your retirement, brokerage, and life insurance accounts, and make sure those designations are current, especially after life events like marriage, divorce, or the birth of a child.
4. Create a guide for your executors
Help your executors by preparing a simple document that explains where to find key information. This can include account contacts, legal documents, and your wishes regarding medical care or funeral arrangements.
5. Store your documents securely and share access
Keep all your estate planning materials in a secure location, and make sure the people you trust know how to access them. This includes your will, power of attorney documents, and financial account details.
6. Work with experienced professionals
Even a straightforward estate benefits from the support of professionals. An estate planning attorney and a trusted financial advisor can help you avoid pitfalls and ensure everything is set up and implemented correctly.
7. Revisit your plan every few years
Life is constantly changing. Review your plan every three to five years, or after major life changes, to ensure that it still reflects your goals.
At Carlson Investments, we see estate planning as a vital piece of your larger financial picture. We cannot provide legal advice, but we want to work coherently with your legal counsel to help make sure your wishes are met. It’s about more than dividing assets. It’s about making sure your values and relationships are protected for the future.
If you’re ready to take the next step, reach out today to learn how we can support your planning with thoughtful, personalized guidance.
Carlson Investments does not provide tax, legal, or accounting advice. This content has been written for informational purposes only. Always consult your individual tax, legal, or financial professionals for advice tailored to your situation.
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