Often, people feel that estate planning is for the very wealthy, or that it isn't necessary until a person advances in age. The fact is, however, that estate planning should begin as early as possible. But where to begin?

5 Steps to Starting Your Estate Plan

1. Get Situation Specific Advice. Meet with an estate planning attorney with estate planning experience that fits your specific needs. The attorney will help you assess your current finances, learn about your future financial objectives, and develop a plan specific to your circumstances and wishes.



2. Prepare in Advance. To save time you can complete any pre-planning documents the attorney provides (e.g. getting started questionnaire, etc.). A little work up front will help ensure the most benefit from your meeting with an estate planning attorney.



3. Make a Plan. Determine your estate planning objectives and work with your attorney to prepare the documents to accomplish the outcomes you desire. With your estate planning attorney, you will set plans for important matters, such as distribution of assets, care for children in the event of death or disability, who will manage your assets, etc.



4. Implement the strategies. Follow-up on any tasks that require your attention. Reallocate assets to align with your estate plan, update beneficiary designations, gather relevant documents and keep them together and within easy reach.



5. Update the plan. As life circumstances change, or to address changes in tax laws, periodic reviews and revisions to your plan may be appropriate to ensure that your wishes will be carried out as you intended.

A little bit of planning today will ensure that your family and loved ones will be provided for according to your wishes. To learn more about estate planning, contact Strauss & Troy estate planning attorney, Tom Rink.