Tackling estate planning in 7 basic steps

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Estate planning is one of those tasks that makes almost any other job look appealing, no matter how lowly

Estate planning is one of those tasks that makes almost any other job look appealing, no matter how lowly.

The good news is that you’ve probably already done a little bit of estate planning—you just may not be aware of it. It's helpful to think of estate planning as a process rather than something that’s one-and-done and begins and ends in an attorney’s office.

Here are the key steps to take.

Step 1: Find a Qualified Attorney

Start by asking other financial professionals who you work with—whether a financial advisor or an accountant—for recommendations. If you have a specific situation that is likely to affect your estate plan — for example, if you’re a small-business owner or if you have a child with special needs —be sure to ask for referrals to attorneys who are well-versed in those areas.

Before you select an attorney, it’s perfectly reasonable to conduct a basic informational interview.

As you speak with a prospective estate-planning attorney, also weigh the intangibles. Do you like this person, and would you be comfortable supplying him or her with personal information about your finances and family situation?

Step 2: Take Stock of Your Assets

Spend time enumerating your assets and their value: your investment accounts as well as life insurance, personal assets such as your home, and your share of any businesses that you own. You should also gather current information about any debts outstanding. Your estate-planning attorney is likely to provide you with a worksheet to document your assets and liabilities, but it’s helpful to collect this information in advance.

Step 3: Identify Key Individuals

You’ll need