The 6 Most Important Steps in Estate Planning

millman law group steps in estate planning

Remember these six most important steps in estate planning.

If you want to have a say in what happens to your assets after you’re gone, estate planning is essential. Estate planning can help you plan for your future financial and medical needs while detailing your wishes for what you want to transfer to your family, friends, or favorite charities. However, estate planning can seem daunting at first, partially because it is so crucial for your future. Fortunately, when you work with an experienced Millman Law Group attorney, you can work through the most important steps in estate planning without concern. 

Plan Your Estate with an Experienced Attorney

When it’s time to do something as important as planning for your estate, you shouldn’t leave it up to DIY. Instead, work with an experienced estate planning attorney to ensure that you don’t forget any critical details or make any errors that cause trouble for your loved ones in the future. You can create a plan you feel confident in when you work with a professional. 

Define Your Estate Planning Goals

One of the most important steps in estate planning is to know your goals. Before drawing up documents, consider what you need to accomplish and what you must include in your estate plan. Also, consider whether you need to name guardians or if you want to take steps to avoid lengthy probate for your heirs. 

Review Your Assets 

You may have a decent idea of what large or valuable assets you own. However, one of the steps in estate planning is making a list of what you own. Your detailed list should include the current value, location, and identifying information for your assets (such as account numbers, lot numbers, etc).

Determine Your Beneficiaries 

Most of your beneficiaries will be clear choices, such as your children or grandchildren. However, there may be less apparent beneficiaries on your list. What about your pet, niece, best friend, or charity close to your heart? You can leave assets to any of them and make the proper arrangements with your estate planning lawyer. 

Select the Right Fiduciaries 

One of the most common and damaging mistakes people make when devising their estate plans is failing to take enough time to choose the right people for fiduciary roles. For example, if you create a trust, do not simply appoint your spouse or friend as a Trustee because you trust them, and it’s convenient. The role of a Trustee is complex and requires a lot of financial and legal knowledge. Many appoint a lawyer as their Trustee to guarantee impartial and knowledgeable service. 

Review and Revise Your Plan 

One of the most essential steps in estate planning is reviewing your plan. If you keep an out-of-date estate plan, it may be just as bad as not having a plan. To ensure that your plan covers your current needs, make sure to review your plan every few years and whenever a significant life event occurs. When you trust the Millman Law Group to help you create your estate plan, you can make sure to develop a thorough plan you trust that can be easily updated whenever necessary. 

Estate Planning Made Easy With Millman Law Group

Millman Law Group, PLLC is rare because it’s one of the only law firms that offer life planning in South Florida. From life care planning to the preparation of detailed estate plans, Millman Law Group has committed to serving Floridian elderly communities in Boca Raton, Palm Beach County, Ocean Ridge, Hillsboro Beach, and many other areas since 2018. Our dedicated team also specializes in special needs Trusts and catering to any age demographic because we know for certain it’s never too early to start preparing you and your family for your future. For the latest news in estate planning and elder care law, follow us on Facebook, Twitter, Linked In, and Pinterest. You can also contact us at 561-463-6480.