Five Steps to a Strong Estate Plan

Highlighting those steps, our five-step approach includes:

1. Collecting their personal and family profile.
2. Creating a family inventory of all assets and financial and property information.
3. Identifying the nominations who will ensure their wishes are adhered to.
4. Their estate distribution process is established.
5. Authorization and enactment occurs through creating the legal documentation needed to ensure the above is established.

For each stage, additional detail can be found below to better discuss the exhaustive process on how a proper and comprehensive estate plan is established.

Personal and Family Profile

Collect contact information, marital status, health status, long-term health care plans, and post-life desires. We also gather information to understand your family lineage from existing and prior marriages (if any) as well as ownership of your assets, businesses and any pending inheritances. This profile building includes all children and all grandchildren as well as their statuses.

Family Inventory and Information

This part of the process covers all assets: real estate, bank accounts, investments, retirement, life insurance, businesses, and any other assets such as collectibles, recreational vehicles, boats, firearms or other miscellaneous items. We want to identify their current asset values, account values, market values, mortgage balances as well as any ownership of those assets (joint, client, spouse).

We also identify other liabilities or debts and collect full information about each. All personal loans, judgments, and all other loans or debts are gathered.

Nominations

To protect and oversee the provisions of the last will and testament, a personal representative is selected and is responsible for protecting and preserving all estate assets after the decedent’s death and throughout the administration until the estate assets are finally distributed to the beneficiaries who are entitled to them. This stage identifies those persons along with second and third choices for both the client and the spouse. Guardians, trustees and attorneys also are chosen.

Estate Distribution Preferences

At this stage, the client distributes all of the assets, properties, cash, investments and personal effects to chosen recipients. Specific bequests are handled and identified while beneficiaries are associated with the property or assets. Percentages can be assigned and, often, there are contingent distributions with explanations and detail included. In some cases, even intentional exclusions are identified.

Authorization and Enactment

Once all of the above is worked through, any and all trusts are built and authorized along with additional legal documentation to ensure and protect the client’s assets and properties.

A well-crafted estate plan is essential for protecting your legacy and ensuring that your wishes are carried out. By following this five-step approach, you can create a comprehensive and effective plan that addresses all the necessary components. From collecting personal information to establishing distribution preferences and creating legal documentation, our team of experts can guide you through the process and provide the support you need to safeguard your assets and ensure a smooth transition for your loved ones.