It will designate an executor to carry out the provisions within the will, name beneficiaries and guardians, and provide instructions for how your wishes are to be carried out.Ģ – Complement your will with related documents. When there is no will in place, this is called dying intestate, and the state in which you reside gets to decide how to distribute your assets to beneficiaries based solely on state law.Ī will allows you to establish who gets what, and how the assets will be distributed. Simply put, a will is a legal document that allows you to communicate your wishes about the distribution of your assets after death and appoint guardians for your dependents. The truth is, there is no way of knowing when your time will come so you need to create a will as soon as possible. This scenario is all-too-common as many people do not want to confront the inevitable. We’ve all heard horror stories about people, including wealthy celebrities, who died without a will. Knowing exactly what estate planning entails is the first step to getting started.ġ0 steps for smart estate planning 1 – Create a will if you do not have one. The process can be emotional, confusing, and overwhelming. Whether you have amassed substantial wealth or you’ve simply acquired enough assets to live a relatively comfortable life, estate planning can be challenging if you don’t know what to do. If you’re someone who cares about your finances and loved ones now, you have reason enough to create and maintain an estate planning strategy for the future. ![]() You may not be a multimillionaire yet, but your circumstances likely include some complexity that warrants putting a solid plan in place. ![]() You don’t have to be wealthy to leave behind assets worthy of careful estate planning. Yet if you reach the end of your life without getting your financial affairs in good order, you’ll risk leaving your heirs with problems that could’ve been avoided, causing them unnecessary stress and uncertainty during a time of grief. Estate planning is something many people tend to put off as long as possible because most of us consider discussing “the end” an uncomfortable topic.
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