Checklist: Six Steps Toward Successful Estate Planning

Estate planning involves organizing and managing your assets and wishes to ensure they are distributed according to your desires after your death. It includes creating legal documents like wills, trusts, and powers of attorney to handle your estate efficiently and reduce potential conflicts or legal issues for your heirs.

Why Estate Planning Is Crucial In California

Estate planning is essential in California due to the state’s complex laws and high property values. Proper planning can help minimize estate taxes, avoid lengthy probate processes, and ensure your assets are distributed according to your wishes. It also protects your loved ones from potential legal disputes and financial hardships.

Learn here 6 steps to successfully start your estate planning in California:

1. Define Your Goals: What do you want to happen to your assets in the event of your death or disability? If your beneficiaries predecease you, who are your alternate selections? How will your assets be distributed and when will these distributions take place?
2. Gather & Organize Your Data: This can be done by reviewing and updating your financial position, reviewing how you hold title to your assets and whether these are consistent with your estate planning. Did you know that how you hold title to your assets has a higher legal priority than your will?
3. Analyze Your Situation: Begin by determining your current net worth, assuming your death occurred today.
4. Develop Your Strategies: With the assistance of your estate planning attorney, identify legal documents that need drafting and make the necessary adjustments to existing documents.
5. Implement Your Plan: Do what needs to be done – creating new wills, trusts, powers of attorney, adjusting title to your properties, etc.
6. Track & Monitor Your Progress: Check your estate planning annually and consult your attorney with any changes you may wish to make. Make sure all beneficiaries and alternates remain desirable to you and that all documents are current.

Credits: The Financial Awareness Foundation.

This article is written by Florida attorneys and only considers Florida law in place at the time of publication. This article should not be relied upon as a substitute for legal advice and one should always consult with an attorney in their state before making any legal decisions.

At The Estate Plan, we take pride in serving our clients with compassion, competence and creativity. After all, we’re all unique. It takes a special comfort and confidence to trust someone to handle protecting one’s family and possessions. We appreciate being that person for so many families. If you are interested in coming in for a consultation, do not hesitate to contact us at (305) 677-8489.