Estate planning helps disperse your assets according to your wishes. The effort may seem daunting
at first, but estate planning does not have to be overly complicated. With the proper planning, you may find
yourself resting a little easier knowing you have an estate plan in place. While an estate plan is personalized to
the wants and needs of each person, here are a few tips to help anyone get started.

1. Create an Inventory of Physical Assets

One of the first steps in creating an estate plan is knowing what you have, so you may list the
items to include in the estate. For many people, working from the inside of the home is easiest. Start by assessing
the items in your home that are valuable. These valuable items may include collectibles, jewelry, artwork, antiques,
electronics, and power tools. This list may take some time to build, so creating it at a comfortable pace over
multiple sessions might be appropriate.¹

2. Take Stock of Your Non-Physical Assets

You may also need to inventory your non-physical assets. These non-physical assets might include
life insurance, long-term care, and health insurance policies. They also may include money sources, such as 401(k)s,
IRAs, investments, and bank accounts. You want to include in your inventory the account numbers and documentation
for these accounts.¹

3. Document Your Obligations

Your debts, such as loans and credit cards, should be itemized with account numbers, contact
information, and where you keep your documentation on these debts. This strategy helps ensure that the estate pays
off any required debt obligations, which the estate must pay from estate funds.¹

4. Consider Transfer-on-Death Assignments

With some assets, it is possible to bypass probate for those items, even if you pass away
intestate (without a will), by creating a transfer-on-death designation for those assets. When these transfer
documents are on file with certain accounts, the beneficiary might be able to receive the funds without having to
wait for the completion of probate. Some of these types of accounts, which may have the option of a
transfer-on-death designation, include savings accounts, brokerage accounts, and certificates of deposit
(CDs).²

5. Make a Will

Your will serves as the instructions about how you wish to distribute your assets. This document
helps ensure that your heirs know what you wish to happen with your estate. Having a will may reduce infighting
among heirs. Your will designates who your beneficiaries are and what they get. It may cover custody of minor
children and any charitable contributions you wish to make. You need to sign your will in front of witnesses. Be
certain that its location is known to the executor of your estate to prevent delays in the will’s
execution.²

Estate planning does not have to be a headache. Following these simple tips and taking the time to
document your assets properly may make estate planning more manageable.

Important Disclosures:

Investment advice offered through Planned Financial Services, a Registered Investment Advisor.

The opinions voiced in this material are for general information only and are not intended to
provide specific advice or recommendations for any individual.

This information is not intended to be a substitute for individualized legal advice. Please
consult your legal advisor regarding your specific situation.

All information is believed to be from reliable sources; however, Planned Financial Services makes
no representation as to its completeness or accuracy.

This article was prepared by WriterAccess.

Tracking # 1-05370306

Footnotes

¹ Estate Planning: 16 Things to Do Before You Die
https://www.investopedia.com/article/10/estate-planning-checklist.asp

² Estate Planning Basics
https://www.forbes.com/advisor/retirement/estate-planning/