Beginner’s Guide to Estate Planning — a practical, easy-to-follow introduction to help you understand the basics and take your first steps.

🏡 What Is Estate Planning?

Estate planning is the process of arranging how your assets will be managed and distributed after your death or if you become incapacitated. It ensures your wishes are honored, reduces family stress, and can minimize taxes and legal complications.

📋 Key Components of an Estate Plan

1. Will
   • A legal document that outlines how your property should be distributed.
   • Names an executor to carry out your wishes.
   • Can also name guardians for minor children.
2. Trust
   • A legal entity that holds assets for beneficiaries.
   • Can help avoid probate and provide more control over how and when assets are distributed.
3. Power of Attorney (POA)
   • Appoints someone to make financial or legal decisions on your behalf if you're unable to.
4. Healthcare Directive (Living Will)
   • Specifies your medical treatment preferences.
   • Often includes a Healthcare Power of Attorney to appoint someone to make medical decisions for you.
5. Beneficiary Designations
   • Ensure your retirement accounts, life insurance, and other financial accounts have up-to-date beneficiaries.
6. Letter of Intent
   • A non-legal document that provides additional instructions or personal messages to your executor or family.

🧾 Steps to Get Started

1. Take Inventory of Your Assets
   • Include real estate, bank accounts, investments, insurance, personal property, and digital assets.
2. Define Your Goals
   • Who do you want to inherit your assets?
   • Who should care for your children or pets?
   • Who should make decisions if you can’t?
3. Choose Your Representatives
   • Executor, trustee, guardians, and agents for POA and healthcare.
4. Consult an Estate Planning Attorney (Assigned an Attorney with ABE)
   • Especially important if you have a complex estate, own a business, or want to set up a trust.
5. Draft and Sign Documents
   • Make sure they comply with your state’s laws.
6. Store Documents Safely
   • Keep originals in a secure place and share copies with trusted individuals.
7. Review and Update Regularly
   • Life changes like marriage, divorce, births, or deaths may require updates.