1. Take Inventory of Your Belongings

The first step in estate planning is to list everything you own.

This includes:

• Your home and other real property
• Vehicles
• Household furnishings
• Jewelry and accessories
• Bank accounts
• Brokerage accounts
• Retirement accounts and life insurance policies

MyFamilyPlan encompasses a Financial Planning Worksheet providing dedicated sections for cataloging all your assets, making it easy to keep track of what you own and where it’s located.

2. Create Important Legal Documents

Several legal documents form the backbone of a solid estate plan:

• Last Will and Testament
• Living Trust (if applicable)
• Power of Attorney (both financial and healthcare)
• Living Will or Advance Directive

MyFamilyPlan includes templates and checklists for these documents, helping you gather the necessary information and reminding you of important details to include.

3. Identification of Key People

Identifying and selecting trusted individuals to handle various aspects of your estate is crucial:

• Executor for your will
• Trustee for any trusts
• Power of Attorney agents
• Healthcare proxy
• Family and Friends as emergency contacts
• Professionals such as doctors
• Contractors for your home
• Business Associates for work

MyFamilyPlan allows you to record these important roles and the contact information for each person, keeping everything organized in one place.

4. Plan for Taxes

A key component of estate planning is understanding the potential tax obligations that may arise from your estate. Estate taxes can significantly impact the distribution of your assets, so it's essential to be aware of any federal, state, or local taxes that could apply. By addressing these tax considerations early on, you can take steps to minimize the burden on your heirs and ensure that more of your estate goes to your intended beneficiaries. Consulting with a tax professional can provide valuable insights and help you navigate the complexities of estate tax laws.

While MyFamilyPlan isn’t a substitute for professional tax advice, it does provide space to record information about your tax situation and notes from consultations with tax professionals.

5. Manage Digital Assets

In today’s digital world, it’s crucial to remember that your online accounts and digital assets are an important part of your estate. From social media profiles to financial accounts and personal data, these digital properties need to be carefully managed and included in your estate planning. MyFamilyPlan includes a section listing your digital assets and recording your wishes for handling them.

6. Create a Guide for Your Executors

Providing a clear and detailed guide for your executors can be incredibly valuable during the estate settlement process. Executors are responsible for carrying out your final wishes, so having a comprehensive roadmap can make their task significantly easier, reducing confusion and stress during what is likely an emotional time.

This guide should outline key information, such as the locations of important documents, instructions for managing your assets, and contact details for professionals and family members involved. A well-prepared guide can ensure a smoother process and help avoid potential delays or legal complications.

It should include:

• Locations of important documents
• Contact information for key people
• Instructions for your final arrangements

MyFamilyPlan provides a structured format for creating this guide, ensuring you don't overlook any crucial details.

7. Review and Update Regularly

Estate planning isn’t a one-time task. Life changes and your estate plan should change with it. MyFamilyPlan makes it easy to review and update your information regularly, helping you keep your estate plan current.