As we start a new year, it gets us thinking about all the goals we want to set for ourselves. This holds true for both personal and financial goals. One financial goal that should be on everyone’s 2022 list is creating or reviewing your estate plan. Having an estate plan in place is the best way to confirm that your goals are up to date and your wishes for your loved ones are carried out correctly. Here is a handy guide on how to get started.

Take a Personal Inventory

First thing to do will be to gather a list of all your valuables. This includes tangible assets such as your home, jewelry, cars, etc. You will also want to make a list of all accounts you own including checking, savings, investment, retirement, insurance policies, etc.

Create your Estate Plan

Now you are ready to meet with an estate planning attorney to develop your personal estate plan. Who will inherit your assets? Who will be the guardian to your children? Who will be the executor to your estate? If you become incapacitated, who will take care of your financial affairs?

Solidify your Estate Plan

With an estate plan now created, it is time to put it into action. Wills, Powers of Attorney, Beneficiaries, Titling of assets, Funding of Trusts, and many more options should all be discussed with your estate planning attorney to see what fits your goals best.

Update your Estate Plan at Least Every 5 years

Newly Married? Birth of a child? Health change? Retirement on the horizon? Our lives can change fast, and it’s important to get your estate plan updated as these things happen. At minimum, it is a good rule of thumb to review your estate plan at least every 5 years to be sure that everything complies with current law.

It’s never too early to put an Estate Plan in place. Set up a time to talk to a CERTIFIED FINANCIAL PLANNER™ at SHJ for guidance and expertise on how to take the first step.

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