Estate planning can bring up many emotions, both positive and negative. As you assess how you would like your assets to be divided up and who is responsible for financial obligations, you may experience stress since the meticulous process can be time-consuming.

Give yourself grace through this period of time. Implementing simple strategies like starting early, meeting with a professional, communicating with those who have a role in your estate and updating your plan regularly can make the process smoother.

Begin early

As you can assume, quite a bit of effort is involved in estate planning. Anything worth monumental or emotional value needs to be accounted for as well as any financial obligations that will occur once you have passed or are no longer able to make reasonable decisions.

It’s common to want to wait to plan for your estate when you have reached a high volume of assets or are over 50, but planning should begin once you are of legal age. The earlier you start, the easier it will be as time is on your side and you are less likely to have a large amount of assets to consider.

Meet with a professional

By meeting with an estate-planning attorney, you can receive valuable information and have extended assistance throughout the process. There are complex legal decisions that have to be made when planning. It is beneficial to have someone who knows the regulations and can guide you in making the best choices for your beneficiaries. Additionally, they will be able to help make a personal plan that fits your needs. It’s important to be in alignment with your attorney on your goals.

Ask the following questions to manage expectations:

• What experience do they have in estate taxes?
• Will they be the ones carrying out the plan?
• How long do they expect to complete the plan?
• Will they send you copies of the documents to review?

Your estate plan is important to your legacy, so make sure you choose a professional and trustworthy attorney.

Communicate

There are several roles involved in estate planning. It is crucial to ensure each individual has a firm understanding of what they are responsible for. You will need to assign the following roles to settle your estate when it is time:

• A trustee to take care of assets that are in a trust.
• A guardian to take responsibility for any children under 18.
• Beneficiaries to receive your assets.
• An executor to be in charge of financial obligations.

Since these can be life-altering circumstances, it is important to have clear communication about what you envision for your estate. This can also give you peace of mind that your children and valuables will be taken care of.

Consistently update your plan

As changes in assets can happen fast, it’s important to consistently update your plan so all of your wishes are met. It’s a good rule of thumb to review your plan every three to five years. However, you should prioritize updating your plan sooner if one of the following events occurs:

• Birth or adoption of a new child.
• Starting or closing a business.
• Circumstances changing for your executor, beneficiaries or trustee.
• Change of a large asset.
• Change in marital status.

Keeping a list of your assets and adding or crossing ones off once you no longer have them can make the updating process less stressful.

Your estate planning can be a breeze. Just remember to start early (ideally once you’re of legal age), consult with a professional, communicate with those who are included in your estate and update your plan at least every five years.

Lindsey Certonio is a project manager at Fullcast, a Silicon Slopes-based, end-to-end RevOps platform that allows companies to design, manage and track the performance of their revenue-generating teams.

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