Estate planning can feel overwhelming when you do not know where to start. This comprehensive checklist breaks the process into manageable steps so you can approach your estate plan with confidence. Whether you are starting from scratch or reviewing an existing plan, use this guide to make sure nothing falls through the cracks.
Step 1: Take Inventory of Your Assets
List all bank accounts, investment accounts, retirement accounts, real estate, vehicles, valuable personal property, digital assets, and business interests. Then gather existing legal documents including any prior wills, trusts, powers of attorney, and insurance policies. Next, create or update your will, advance directive, and power of attorney. Consider whether a trust is appropriate. Review and update all beneficiary designations. Finally, store your documents securely and make sure your executor and family know where to find them.
At SoMD Estate Planning, we provide personalized guidance tailored to your specific situation. Contact us about our $1,500 flat-fee estate plan.
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