Estate Planning

An estate consists of everything a person owns, such as stocks, bank accounts, real estate, personal property, and more. Estate planning is a lifelong process that is essential for retirement and financial planning. While it may seem daunting, it does not need to be. It is important to be prepared just in case. The first step is having access to all important legal documents like social security, insurance policies, records of joint banking accounts, and wills. I also plan to have a written will once I turn 30 for emergencies to make sure all my wishes are followed accordingly. I will identify my beneficiaries and speak with them so they are aware of the entire situation. Once I have a will and all important legal documents, I will search hard to find a financial advisor to guide me through this process. I also will need an estate lawyer. In addition to finding professional assistance, I will also utilize the power of attorney if needed, allowing someone to act on my behalf at a legal level. There will be a multitude of confusing documents presented to me; I will need a team around me to have the most expertise possible. Having a planning team will aid in difficult decisions. It would be helpful to research as much as possible so that I am educated. Finding online resources will aid in educating me further.  With the proper resources, estate planning won’t be as difficult. Through acting early, regularly, and aggressively, estate planning can be handled in the most financially beneficial way possible. 

 

Things I will do to plan for estate planning: 

• Have access to all important legal documents. 

• Have a written will. 

• Identify beneficiaries and talk with them. 

• Find a financial advisor.

• Find an estate lawyer. 

• Utilize power of attorney if needed. 

• Research all documents and legal proceedings.

• Find online resources to further education. 

• Build a planning team to assist.

• Act early, regularly, and aggressively.