A Step-by-Step Guide to Getting Started on Your Estate Plan
Getting Started with Your Estate PlanEmbarking on the journey of estate planning is a significant step in securing your legacy and ensuring your loved ones are taken care of according to your wishes. While it may seem complex, getting started is often the most challenging part. Here's a guide on how to begin.
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Identify Your Assets and Goals
The first step is to take a rough inventory of your assets. This includes your home, bank accounts, investments, life insurance, personal property, and any other valuable possessions. You do not need to know everything to the penny. The main thing is to know approximately how much your taxable estate will be, and the main buckets of assets so you can think about how you want them distributed.
Next, define your estate planning goals. Consider who you want to inherit your assets, how you want to provide for your family, any charitable contributions you'd like to make, and anyone in your family who might need help managing inherited assets.
Next, define your estate planning goals. Consider who you want to inherit your assets, how you want to provide for your family, any charitable contributions you'd like to make, and anyone in your family who might need help managing inherited assets.
Understanding Key Elements
Estate planning encompasses various critical aspects. One fundamental element is understanding the mental capacity required for making or updating a will. It's essential to ensure that you, or the family members you're assisting, are of sound mind when creating or revising estate planning documents. This precaution is crucial in preventing potential disputes or challenges in the future.
Another essential component involves designating individuals for specific roles, such as a personal representative, health care proxy, or power of attorney. While assessing your assets and goals, it's equally important to consider who you trust to fulfill these roles.
Another essential component involves designating individuals for specific roles, such as a personal representative, health care proxy, or power of attorney. While assessing your assets and goals, it's equally important to consider who you trust to fulfill these roles.
Consult With an Estate Planning Attorney
Working with experienced estate planning attorneys is crucial in achieving your goals effectively. Our team at slnlaw specializes in estate planning and will provide you with the guidance and expertise needed to navigate the complexities of the process. We will review your goals, assess your financial situation, and create a tailored plan that aligns with your objectives. You can learn more about our simple five step process to getting you peace of mind.
Meet Our Estate Planning Lawyers
Emily Smith-Lee is the owner and founder of slnlaw. She is a 1996 graduate of Boston College Law School. She was previously a partner at the Boston office of a large international firm, where she worked for thirteen years before starting the firm that became slnlaw in 2009. She has been recognized as Massachusetts Superlawyer each year since 2013, and in 2018 earned recognition as one of Massachusetts Lawyers Weekly's Lawyers of the Year.
Jenna Ordway: Jenna is a 2013 graduate of Quinnipiac Law School, and also earned an LLM in Taxation from Boston University in 2015. She has been affiliated with slnlaw since 2011, first as a law clerk and then as an attorney. Jenna has been recognized since 2019 as a "Rising Star" by Massachusetts Superlawyers. Jenna wrote a book on estate planning: The Road to Peace of Mind: What You Need to Know About Estate Planning. Jenna has helped many individuals and families with planning to protect their legacies and loved ones, and planning for the future and succession of their businesses.
Sharleen Tinnin: Sharleen is a 2010 graduate of Northeastern University School of Law, and earned her LLM in estate planning from Western New England Scool of Law in 2016. She has been with slnlaw since 2023. Prior to joining slnlaw, she worked with King, Tilden, McEttrick & Brink, P.C. on complex civil litigation matters. She previously worked for the United States Department of Justice, and received an "Excellence in Justice" award in 2017. Sharleen has helped many clients with planning for their legacies and their future, and navigating the probate process in Massachusetts after the death of a loved one.
How We Can Help
At slnlaw, we're here to guide you through the estate planning process with expertise and care. Our experienced team will assist you in setting up a comprehensive estate plan, including wills, trusts, durable powers of attorney, and health care proxies. You can use the button below to schedule a free information call, or simply give us a call at 781-784-2322.
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