You’ve worked hard to get where you are, and now that you’re in a good place, it’s time to make sure your family is taken care of. But how do you ensure that their future is secure? If you haven’t already done so, it’s time to start planning for the end of life—and we’re not talking about funeral arrangements or making sure there’s enough money in your checking account to buy cemetery plots. 

We mean estate planning: What is estate planning? The legal process by which you define how your assets will be distributed after death. There are many different ways to go about this process, but they all boil down to at least two things: knowing what assets exist and deciding who gets them afterward.

Legacy planning involves more than just deciding who receives what after your death; it also aims to ensure that those who love you receive as much support as possible while you are still alive. Legacy planning is a way to help you secure your family’s future, and it should be approached with the same care and consideration that you would give any other important decision.

Here are some tips on how best to achieve both:

Get professional help

You’ll need to work with a professional who can help you with the legal aspects of estate planning, as well as the financial aspects. If you’re getting ready for an appointment with your attorney, make sure you don’t forget about these other essential players in your plan:

• Accountant
• Investment advisor
• Property manager

However, The estate planning checklist is a great place to begin your planning. This checklist contains all the essential elements of an estate plan, from who will manage your assets after death to how you want to distribute them.

Start early

One of the most important tips for estate planning is to start early. The earlier you begin, the more options you have available to you.

Start now by getting your finances in order and preparing a will that clearly states how you want your assets distributed upon death. If your estate is small enough to avoid probate, consider using joint ownership with right of survivorship titles instead of probate-free trusts.

Make sure your plan aligns with your financial situation

Make sure your plan is in line with your financial situation. Before you start, know where you stand and what’s important to you. If your estate is worth more than $5 million, then a trust may be necessary to avoid gift taxes and provide protection from creditors. You also need to be aware of the laws that affect estate planning: some states have their own rules on who inherits property after someone dies.

Don’t forget that it’s important that all family members are on board with an estate plan—not just the person who created it! Your attorney can help guide everyone through the process and ensure everyone understands how things will work out once they have passed away (or even while they’re still alive).

Prioritize flexibility

The fourth tip for prioritizing flexibility is knowing what you want from your estate plan. Do you want to limit the ability of beneficiaries to change their minds about how their inheritance is used? If so, that would be an example of limiting flexibility. Or do you want it so that one spouse can change their mind about how the inheritance from a deceased spouse will be used? In this case, more flexibility would be required.

Considering these questions before drafting your estate plan will help ensure that it has enough flexibility built in without being overly complicated. If the answer is “not sure yet,” then consider setting aside some funds in trust until clarity comes along (because it will).

Stay in the loop

As your family and life change, you will want to stay in the loop with your estate plan. This means updating it as necessary and ensuring that all documents are up to date. To do this, ensure your beneficiaries are up to date and always keep a copy of your will or trust documents in a safe place, so they’re available if necessary.

You should also ensure that everything is updated yearly; don’t just sign on the dotted line!

Work with professionals you actually trust

To get the most out of your estate planning experience, you need to work with professionals you can trust. Hiring someone qualified and experienced is not enough. You also need someone trustworthy and ethical, willing to help you (and your family) with all their questions, and able to provide the answers.

Take advantage of technology

If a client is willing to invest in an estate plan, then it’s worth it for them to invest in the right technology as well. Many online services now help people create and maintain their documents, including the ability to share information with family members electronically. You might also consider hiring a “tech lawyer” who can help you set up your new digital files so that they’re secure and easy to access when necessary.

In addition, A corporate trustee can help you avoid the probate process and keep your assets safe, but it’s important to understand that any assets held in a trust will still be subject to certain taxes. If you have concerns about how the estate planning process works, talk with an attorney with experience in this area.

Understand the impact of inflation

It’s important to consider the impact of inflation when planning your estate. Inflation is a general increase in the price of goods and services, which can directly affect how much money you’ll need for life after death. For example, if you’re leaving an inheritance for your children or grandchildren, it’s likely that they will need more money than their parents did to live comfortably.

In addition to this personal financial impact on beneficiaries, inflation may also affect how much money they owe in taxes after inheriting assets from you—and could even contribute to higher taxes overall if the value of your estate increases faster than average during your lifetime or after death (e.g., due to rising real estate prices).

Adjust as your family changes

Your estate plan needs to be flexible and should change as your family changes. It also needs to change as your financial situation changes so that you are prepared to update your plan when you have a new addition or subtraction from the party mix (i.e., a baby or divorce).

Final words

We hope these tips have given you the tools to take control of your estate planning. The best thing you can do is get started as soon as possible, so your plan is ready when needed! Remember that while there are many different options out there (and even more ways to personalize them), starting by finding someone who understands your needs and priorities is always a good place to start.