Taking a step-by-step approach to estate planning can make the process simpler as described recently in the Go Banking Rates article "Your Estate Planning Checklist: How to Create a Financially Sound Estate Plan."
For many people simply following these steps with the help of an estate planning attorney will be enough to create a solid estate plan:
- Get a general durable power of attorney so someone can manage your finances if you are unable to do so.
- Get a power of attorney for health care as well so someone can look out for your medical needs.
- Create a living will so doctors and hospitals know what procedures you want them to use or not to save your life.
- Create a will to decide who will get you possessions and take care of your children.
- Create a living trust so most of your assets do not have to go through probate.
- Write out instructions for your funeral if you wish to do so.
- List all of your accounts and important legal documents so your executor knows what to look for.
- Plan for your pets to be cared for if you have any.
- Make sure someone can access your digital accounts after your pass away.
- Review your plan every year to make sure it is up to date.
An estate planning attorney can guide you through the process of making an estate plan less daunting.
Reference: Go Banking Rates (June 22, 2016) "Your Estate Planning Checklist: How to Create a Financially Sound Estate Plan."