So how do I create an estate plan or how does one create an estate plan? I'm going to give you six simple steps.
Hi, I'm Eric Beutel and I have the pleasure of guiding people as the leaders of their family to build a legacy and create peace of mind. I'm an attorney and I focus my practice on estate planning, elder law, and probate.
I'd like to talk to you about how to create an estate plan.
But first, if you have questions about estate planning or probate or elder law you can book a time to talk anytime that's convenient for you at ericbeutel.com. I'd be glad to talk to you over the phone, over a zoom meeting, or in person.
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So, how do I create an estate plan or how does one create an estate plan? I'm going to give you six simple steps because i think it's easiest to break it down into steps and not get overwhelmed.
What is estate planning?
So, first what is estate planning?
Well, it's the process of deciding what will happen to everything you own after you've passed away. It involves creating binding legal documents that will make sure your wishes are carried out.
And a good estate plan makes sure that the responsibility and wealth are transferred to the right people in the right way
It details exactly your assets and how they'll be preserved managed and distributed after death and in the case of incapacitation.
and suppose you're a parent or guardian of a minor child in that case it's extremely important to make some plans for your children's care you want to name people who would take care of your children if something happens to you and you want those people to be the ones that you would choose not who a court would choose.
The word estate refers to your assets. It's the things you own that have monetary value like your houses, cars, jewelry, and your investments.
Your estate plan clearly delegates authority to people that you trust to make medical, financial, and legal decisions for you.
Estate plans aren't just for old and wealthy people. Every adult needs an estate plan. It allows you to remain in control of your things, to decide how your things will be distributed even if you are incapacitated and can no longer make decisions, especially after you die.
Without an estate plan, your family could spend months or years in the probate court. This can be very expensive, and emotionally exhausting at a time when they're already going through enough.
And by the way, an estate plan is more than just a legal chore. It's an important responsibility that we owe to our families and the people and causes that we believe in and take care of.
So take this opportunity to think about your legacy.
If you have children, how do you want them to remember you? Are there any special instructions you'd like them to receive?
Is there anything special you'd like done at your funeral?
Who do you want to bless with your wealth? Is it a charity? is it your children or grandchildren?
At the end of the day, it's not about protecting your stuff. It's about leveraging your wealth and possessions for good.
So back to how do i create an estate plan ...
Well like I mentioned, I like to break it down into six steps, and these six steps can turn an otherwise daunting task into a manageable exercise in family leadership.
Define Your Estate Planning Goals
So the first step: define your estate planning goals.
What do you want to happen?
How do you want your assets to be distributed?
Do they go to family friends or charity or some other way?
Who's going to handle your estate? Who's going to make decisions for you when you can no longer make decisions?
Will estate taxes affect your family?
These are the kind of goals that you want to be thinking about and starting to plan around.
Gather & Organize Your Financial Data
The second step is to gather and organize your financial data.
Gather your documents your financial statements, life insurance policies, long-term care insurance.
Figure out your net worth.
Review your beneficiary selections on your accounts that do not pass through probate. Those are accounts like iras and 401ks.
Your life insurance does not pass through probate so you need to review those beneficiary selections and make sure that they that you still have the people listed that you want your assets to go to.
Also determine how you hold title to property and if it's really the best way, and we can help you discuss all of those options.
Analyze & Discuss Your Financial Situation
The third step is analyze and discuss your situation.
Engage with professional advisors. Engage with an attorney like those at Ruberg Law.
Engage with your tax professional and your financial planner.
We often find ourselves working with those providers so that we make the best plan for our clients.
Develop Strategies For Your Estate Plan
The fourth step: develop your strategies for your estate plan.
What strategies are best in your circumstances?
Again are we talking about preserving wealth or are we talking about leaving a legacy?
Are we funding somebody's education, perhaps our grandchild's education?
We answer these questions together and then we develop and build your personalized estate plan.
Implement Your Plan
The fifth step is to actually implement that estate plan.
So we draft, review, and edit all the estate plan documents. We sign your estate planning documents and then we coordinate titles to properties and other things to make sure that it's in line.
We make sure that all your beneficiary designations are actually updated the way that you want them.
We make sure that your legal documents are kept in a place where people know how to get to them. Your family and your friends don't necessarily have to know what's in your legal documents, but they do know where to find them in case something happens to you and they need to access that information.
Track Your Progress
The final step is to track your progress check in on your estate plan annually. Follow up with your attorney and your financial planners regularly and make sure that if things have changed in your life that you're finding that your plan is updated uh to match those changes so by working through these six steps you can see that a difficult task can be broken down into small chunks and can be made a lot easier and manageable
Contact me today for help with your estate planning needs
As a reminder, if you have questions about estate planning, probate, or elder law you can book a time to talk to me over the phone, over a zoom meeting, or in person. To schedule a free consultation just go to ericbeutel.com.
Follow me on social media, and please subscribe to my youtube channel. Please also feel free to leave comments below or on Youtube.
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Once again, I'm Eric Beutel it's my pleasure to work with people as the leaders of their families to build a legacy and create peace of mind i'm an attorney and i focus my practice on estate planning probate and elder care thank you you