Estate planning is not just for the ultra-wealthy and older generations. You should also make an estate plan if you own any assets of any kind. It’s an important component of your complete financial plan. 

An estate plan consists of everything you own like your car, home, life insurance, investments, bank accounts, furniture, personal possessions, and much more. With planning, you can manage your assets during your lifetime so that your family can benefit from them after you die. 

Estate planning can differ for everyone, but here are some tips to help you get started. 

Assemble Your Estate Team

For your estate planning, you need an experienced team of financial advisors, tax professionals, and trust fund lawyer. You also need to choose an executor for your will. An executor is someone who you appoint to manage the estate, collect your assets, and distribute them to the right people according to your wishes. 

A financial advisor will help develop a plan to manage your assets. Hiring an attorney will help you create documents like your will, trust, and durable power of attorney. They also help avoid probate court and transfer assets to beneficiaries. 

Take Inventory of Your Asset

The next step is to take an inventory of Your estate. For this, you need to represent the real property value of any of your real estate. You will need copies of each deed, the physical address, the legal description, and the fair market value of the properties.

If we talk about real property, it can include a home, vacation rental, farmland, cottage, and business properties. It will also include the market value of personal properties like art, recreation vehicles, jewelry, household goods, and much more. 

Make a List of Your Liabilities

For your estate planning, you need to make a list of your abilities. It includes your mortgage, lines of credit, and other debt. This step is necessary to let your executor know of any debts so that your beneficiaries are informed early on. 

It will help them create a plan to pay off debt and your loved ones will not be surprised somewhere down the line. 

Create Your Estate Documents

You need to prepare some documents with the help of the estate planning team. It will help you avoid costly errors down the road. 

Some of the important documents include a durable power of attorney, letter of instruction, will, living trust, and advanced medical directives. 

Update Your Accounts

You can take this chance of estate planning to make sure that you log into all your online accounts. You can ensure that they are performing the way that you want.

Make updates like changing passwords, logins, and security questions. It will help your executor and beneficiaries to access your accounts after your death. 

Update Your Will 

Keep your Inventory list updated as you experience changes in your life like marriage, divorce, children, and much more. Major life events can happen, and things can change accordingly. It is best to revisit and update your will every two years. 

A well-planned estate will ensure that your wishes are carried out in the way you desire.