Thinking about your eventual passing or possible incapacity is not enjoyable, yet preparing an estate plan delivers reassurance for you and your relatives.

Follow these essential actions to get started.

Since your estate documents will probably require revisions over time, it is wise to select a lawyer who works in your local area.

Begin by seeking suggestions from other financial experts you already consult. If your circumstances involve special factors, such as owning a small business or caring for a child with special needs, request referrals to professionals experienced in those fields.

Schedule an initial discussion with potential lawyers at no charge and pose these questions:

1. How many years have you practiced law?
2. How many years have you focused on this area of law?
3. How many estates have you finalized?
4. What asset range do your typical clients hold?
5. Have you handled cases similar to mine, such as blended families, business ownership, or relatives facing addiction challenges?
6. What fee structure do you use, and what is the projected cost for my plan?
7. Do you offer tax planning services, especially for larger estates?

Also evaluate personal factors: Do you feel at ease with this individual and ready to share private details about your finances and family?

Compile an inventory of your holdings and their approximate worth, including investment portfolios, insurance policies, real estate, and ownership stakes in companies. Collect up-to-date records on any remaining obligations. Your lawyer will likely supply a form to organize this information.

Identify trusted people who can carry out your instructions during death or incapacity. The same person may serve in multiple capacities. Key positions include:

8. Executor: The individual responsible for collecting assets and ensuring distribution according to your will. Choose someone organized and skilled with figures, whether a relative or a professional such as a bank officer.
9. Durable Power of Attorney for Finances: This grants authority to handle monetary decisions if you become unable. The appointee should grasp your financial preferences and manage details effectively.
10. Healthcare Power of Attorney: This names the person who will decide medical matters if you cannot. Ideally the individual resides nearby and knows your general healthcare preferences.
11. Guardian: Someone prepared and financially stable to care for minor children if both parents pass away. Select a person who aligns with your values on child-rearing.

Request that your attorney prepare at least these core documents:

12. Last Will and Testament: Outlines how assets should be allocated after death.
13. Living Will: Describes desired medical care if you face a terminal condition, including preferences regarding life support.
14. Healthcare Power of Attorney: Authorizes someone to make medical choices on your behalf.
15. Durable Power of Attorney for Finances.

After documents are completed, discard prior versions. Store current copies securely and inform the executor of their location.

Share duplicates with your executor, power of attorney agents, and child guardian while explaining your intentions.

A common error is creating a plan without updating it regularly. Contact your attorney to review documents when these events occur:

16. Shifts in marital or family situation such as marriage, divorce, or new children.
17. Significant asset transactions like buying or selling major items.
18. Substantial change in overall finances.
19. Death or serious illness of a beneficiary.
20. Death or serious illness of an executor, power of attorney holder, or guardian.