Estate planning is one of those tasks that makes almost any other job look appealing, no matter how lowly. The good news is that you’ve probably already done a little bit of estate planning—you just may not be aware of it. It's helpful to think of estate planning as a process rather than something that’s one-and-done and begins and ends in an attorney’s office.
Here are the key steps to take. Step 1: Find a Qualified Attorney Start by asking other financial professionals who you work with—whether a financial advisor or an accountant—for recommendations. If you have a specific situation that is likely to affect your estate plan — for example, if you’re a small-business owner or if you have a child with special needs —be sure to ask for referrals to attorneys who are well-versed in those areas.
Before you select an attorney, it’s perfectly reasonable to conduct a basic informational interview. As you speak with a prospective estate-planning attorney, also weigh the intangibles. Do you like this person, and would you be comfortable supplying him or her with personal information about your finances and family situation? Step 2: Take Stock of Your Assets Spend time enumerating your assets and their value: your investment accounts as well as life insurance , personal assets such as your home, and your share of any businesses that you own.
You should also gather current information about any debts outstanding . Your estate-planning attorney is likely to provide y.
