Estate Planning: Take It One Bite At A Time

Estate Planning: Take It One Bite At A Time

By Melinda Gustafson Gervasi

January 8, 2024

There is an African saying, "What is the best way to eat an elephant?  One bite at a time".  If 2024 is the year hope to tackle estate planning but do not know where to start, I suggest you embrace the wisdom of this saying.  Creating an estate planning, or updating an out-of-date plan can be monumental and thus unattainable.  Do not be deterred.  Break it down into small steps and you will make progress.  Here are 5 small tasks to get you started:

• Create your powers of attorney to say who is in charged of your finances and or health care decisions if you are alive but too ill to act;
• Review the beneficiary forms on your life insurance and update them if needed;
• Review the beneficiary forms on your retirement accounts and update them if needed;
• Create a list of your assets and liabilities to create an easy to access map of your finances for your loved ones if you die; and  
• Write out the contact information for people that should be notified in case of your illness or death, everyone from your college roommate to your cat sitter to your accountant.

It is estimated that only 32 percent of Americans have a will or estate plan.  Go against the tide, break the work down into more simple tasks, and work towards putting together the peace of mind you will give loved ones if the unthinkable happens.

Thank you for reading.  A blog is not legal advice, but meant to spark thought and reflection.  Seek legal advice from an attorney licensed in your state of residence for advice specific to your situation.  Be well!