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Although often neglected, drawing up an estate plan is as essential to your legacy’s future as drawing up a simple will. A trust, or estate, is not the same as a will – and both are strongly encouraged for financial legacy planning. Below is a basic guide for establishing your estate.

Businessman with Coat and Tie Holding House.

A recent NASDAQ.com article, titled “Estate Planning Guide 101: A Basic Guide To Establishing Your Estate,” gives some basic estate planning instructions that can help get you started.

Outline Your Estate. It is important to outline your current net worth. Forbes describes this equation as:

Net Worth = Assets – Liabilities

The original article explains that assets include information detailed in bank statements, investment statements (from mutual fund accounts and retirement plans), trust assets, and business interests. Also, include personal property and real estate. Liabilities include debts reflected on credit cards, mortgages, tax bills, student loan statements, business loans, and other indebtedness. Once you account for your living expenses, you can then see what can be passed to your beneficiaries, and whether you should gift during your life.

Name Your Beneficiaries, Divide the Assets. Next you need to decide who will be the recipients of your estate. This can be very personal and needs to be handled with care, as it is this point in the planning process when you need to think about how much of your estate will go to family and how much will go to charity.

Name Your Trustee. Naming your trustee needs to be handled with the same amount of care that you used when divvying up your assets. Selecting the person to be in charge of your affairs is no small decision, the original article cautions. Naming your trustee takes a significant level of trust, responsibility, and foresight.

Hire a Lawyer. As you work through the process, engage a qualified estate planning attorney. Do not leave planning your will or estate for later. Do It Now!

Please contact our office today at 239-225-7911 to schedule an appointment with Barbara M. Pizzolato if you are interested in protecting your legacy and need to create or update your estate plan. You may also wish to attend one of our free seminars.

Reference: NASDAQ.com (October 15, 2014) “Estate Planning Guide 101: A Basic Guide To Establishing Your Estate”

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