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A handy checklist for estate planning guidelines

On Behalf of | Jun 3, 2022 | Trust, Estate Planning, and Probate |

At some point, estate planning becomes essential for most adults. The process differs among individuals depending upon such factors as having children, owning a business and wanting to pass on a legacy.

Many of the steps, though, remain true for most people looking to get their affairs organized and legally relevant.

Take into account family needs

According to Nerdwallet, the first step of effective estate planning begins with inventorying a person’s assets and liabilities and the associated paperwork and documents. The goal of this process, though, comes down to one main principle: meeting the unique goals of the family unit. This process has many tools to make this happen:

  • Carrying the appropriate level of life insurance
  • Protecting the future of any children or dependents
  • Writing down who will take care of the children

Estate planning looks to eliminate assumptions that do not have legal standing. This means not presuming that certain family members will take care of children, but codifying specific individuals to take on this role in the case of early death.

Complete the process

Any weakness in estate planning could result in unwanted outcomes. Therefore, a comprehensive process provides the most security. Planning should also incorporate these steps:

  • Setting up a medical care directive
  • Creating a durable financial power of attorney
  • Reviewing beneficiary designations for all accounts
  • Considering tax implications for federal, state and local jurisdictions
  • Reassessing the plan in a reasonable time frame

Not only do Individual circumstances change, but laws and tax rates change, too. A plan made out several years ago could benefit from updates that take into account these and other changes.

At Urban Thier & Federer, P.A., we provide experienced assistance to ensure your estate plan is engineered to best suit your unique interests and needs. Contact our firm today to arrange a consultation.