How to Create a Comprehensive Estate Plan in Five Steps- Those who live or work in the heart of high-tech corridors are often future-focused, with innovation at the center of their world. However, planning for the future should include estate planning to ensure that assets are distributed according to your wishes, rather than according to the laws of your state. A recent article from Puget Sound Business Journal, “5 essential steps to craft a comprehensive estate plan,” offers the five key steps that every adult needs to take to create an estate plan.
Create an inventory of assets. Today’s inventory includes tech investments, real estate, cryptocurrency, life insurance, retirement accounts, personal property and the contents of a safe deposit box. This information will help your estate planning attorney know what planning tools will best suit you and your family. A complete inventory will also be required by your executor to settle your estate, regardless of how far off that may seem.
Asset ownership and beneficiaries. Knowing what you own and knowing how you own it are two different things. If you live in a community property state, for instance, each spouse owns half of the property purchased during the marriage. However, if you own property as Joint With Right of Survivorship (JWROS), the property will pass to the surviving spouse without going through the will.
Estate planning includes reviewing beneficiary designations. Life insurance, retirement accounts and investment accounts typically allow you to name beneficiaries who will receive the assets directly upon your death. These designations override any wishes expressed in your will. Be sure they are current and review them periodically to ensure accuracy.
How to Create a Comprehensive Estate Plan in Five Steps
Plan for guardianship of minor children. Your will is used to name a guardian for any minor children. If you don’t have a will and you have young children, the court will decide who will raise the children in the event of both parents dying. If you have young children and no will, you must take care of this as soon as possible.
Power of Attorney for Financial and Healthcare Decisions. Part of estate planning is to protect you while you are living, but not able to speak on your own behalf. An estate plan typically includes a Power of Attorney to name someone to manage your financial affairs and a Healthcare Proxy or Healthcare Power of Attorney to designate a person of your choice to make decisions and participate in your medical care in the event of incapacity. Both documents should be crafted to reflect your personal wishes.
Discuss your estate plan with family and advisors. Death and illness are not as pleasant to discuss as your latest exotic vacation. However, it's important to let certain family members or trusted friends know about your estate plan. For instance, your executor should be aware of the location of your will and the type of memorial you wish to have. Discussing your wishes can help prevent misunderstandings and even litigation.
Estate planning requires maintenance, just like your home or car. As you go through the different stages of life, your estate plan needs to adapt. Conducting a regular review every three to five years ensures that your estate plan accurately reflects your wishes and provides for the care of your loved ones.
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How to Create a Comprehensive Estate Plan in Five Steps
Reference: Puget Sound Business Journal (March 17, 2025) “5 essential steps to craft a comprehensive estate plan”
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