It can be overwhelming, but it’s important to start somewhere. Start your estate planningĮstate planning involves a lot of document preparation and decision making. If something happens to you and your spouse, it’s important to have a plan in place for who will care for your children, what will happen to your funds, who is responsible for making decisions on behalf of your children, etc.įinally, estate planning can help you control how and when your assets are distributed. By doing some estate planning now, you can save your loved ones time and money later.Įstate planning is also important for people who have minor children. Additionally, the probate process can be long and costly. This may not be in line with your wishes.

If you don’t have a will or other estate planning documents, the state will determine how your assets are distributed. Probate is the court-supervised process of gathering your assets, paying your debts and taxes, and distributing your assets to your beneficiaries. When you pass away, your estate will likely go through a legal process called probate (not all estates go through probate). Everyone has an estate, even if it’s just a few personal belongings.

Storing important digital documents securelyĮstate planning is important for everyone, regardless of the size of their estate.

Instructions for what to do with your social media accounts.

Determining who will be the executor of your estateĪnother facet of estate planning is digital estate planning, which includes things like:.

Naming beneficiaries for your retirement accounts and life insurance policy.

It involves making decisions about who will receive your assets, how they will be distributed, and when they will be distributed. What is estate planning?Įstate planning is the process of preparing for the transfer of your assets after your death. It also helps you feel prepared and reassured that your loved ones will be cared for as you'd like them to be. Having a good estate plan will eliminate the burden on your family to track down all of your accounts and will make your executor's job much easier. Purchase from another business, we may receive payment.Įstate planning is an essential part of preparing for the end of life and ensuring your family and loved ones experience as little stress as possible.

Personal estate planning checklist