Many people delay estate planning, assuming it’s only for the wealthy. Others equate it with tax planning, which they believe can be done later. Some avoid it altogether because it’s a reminder of mortality. However, it’s never too early to Start to Plan.

A well-structured estate plan is essential to control asset distribution during your lifetime and after. It also allows you to designate guardians for minor children or plan care for dependents.

Getting Started

Start to Plan by assembling your estate planning team. This can feel daunting as it requires sharing personal fears, wishes, and financial details. Begin with a trusted financial advisor, and work with an attorney to draft legal documents. The complexity of your estate will determine the level of planning needed.

Your team will assess your current financial status to create an optimal plan. You’ll need to gather documents detailing income, property ownership, insurance, and legal arrangements.

Gathering Documents

Be prepared to provide:

• Income from employment and investments
• Investment documents and account statements
• Retirement benefits, including Social Security, IRAs, pensions, and 401(k)s
• Deferred compensation details
• Deeds to primary and secondary homes
• Life insurance policies
• A list of personal property
• Debts and obligations, including mortgages, liens, and tax liabilities
• A will, if you have one
• Trust agreements, if applicable

Once collected, this information helps evaluate your family’s future needs. Start to Plan by considering these key questions:

• How will your family’s cost of living change?
• Who will care for your minor children if you’re unable to?
• Who will handle medical and financial decisions if you become incapacitated?
• What are your children’s projected educational expenses?
• Does a family member need special care?
• How will estate taxes impact your assets?

Keep an Open Mind

Estate planning requires sharing financial and personal details with professionals who will design a plan to meet your goals. Start to Plan today, as waiting too long can leave critical decisions out of your control.

As life changes, your estate plan should be updated accordingly. Regular reviews ensure it remains aligned with your current and future objectives.

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