Many people dread the process of estate planning.
But it can be made easier if done step-by-step, says an article on emporiagazette.com.
Step 1. Purchase life insurance. If something were to happen to you, this might allow your family to stay in the house and your children to go to college.
Step 2. Draw up your will. This is the most essential estate planning document. Without one, your assets are distributed to your heirs as defined by state laws.
Step 3. Consider a living trust. Depending on your situation, you may need to go beyond a will. This will allow your assets to go directly to your heirs without the public and costly probate process getting in the way.
Step 4. Make sure your beneficiary designations on IRAs, life insurance policies and such are up to date.
Step 5. Make final arrangements by setting up a “payable on death” account at your bank to cover funeral arrangements.
But make sure you do all this in consultation with a qualified estate planning attorney.
