Step by Step Overview of the Estate Planning Process

Steps Necessary to Create, Maintain and Update Your Estate Plan

Estate planning should be approached in the same manner that you would approach any other important decision in your life. Below is a guide to the steps that should be followed with regard to establishing and maintaining an estate plan that works. A detailed description of each step can be found by following the links provided for each step.

1. Determine Your Need for an Estate Plan
   When considering planning your estate, the first step that you need to take is to determine if you actually need an estate plan. This can be done by assessing your current family situation and financial status to see if you fall into one or more of the groups in need of estate planning.
   
   
2. Find a Qualified Estate Planning Attorney
   Once you've determined that you need an estate plan, the next step is to find and hire a qualified estate planning attorney. This is absolutely one place in your life where you should not go it alone or find the least expensive estate planning attorney. In other words, this is no time for self help or being cheap - go out and hire yourself a qualified estate planning attorney. Using the internet or do-it-yourself books simply should not be considered because the legal ramifications of one wrong word or paragraph or one missing signature are too great.
   
   
3. Create Your Foundational Estate Plan
   Once you've located and hired a qualified estate planning attorney, the next step is to work with your attorney to create and build your foundational estate plan. Depending on your current situation, the foundational estate plan will include four or five essential estate planning documents and the funding of your Revocable Living Trust.
   
   
4. Assess Your Need for Advanced Estate Planning
   Once your foundational estate plan is up and running, the next step is to work with your estate planning attorney to determine if you are in need of more advanced estate planning. Sometimes this step can be combined with building your foundational estate plan, however, for some people putting together their foundational estate plan is so overwhelming that they will need to separate steps 3 and 4.
   
   
5. Maintain and Update Your Estate Plan
   Once your foundational estate plan is up and running and any advanced planning is in place, you shouldn't just shove your plan in a drawer and forget about it. Instead, each year or every few years you should take a fresh look at your estate plan to determine if it still meets your estate planning needs and goals or requires changes.