If you ’ ve been putting off

estate planning because

it feels uncomfortable or

challenging , you aren ’ t

alone . But beyond the initial

discomfort , effective estate

planning can actually provide

a sense of peace . Most of

the time , the hardest part is

just getting started . That ’ s

why I ’ ve outlined four key

actions you can take now to

turn estate planning

procrastination and anxiety

into confident action .

STEP 1 :

COMPILE A COMPREHENSIVE INVENTORY

For the smoothest estate planning process , start by recording a detailed inventory of all your assets ( such as bank accounts , investment accounts , loans receivable , life insurance policies , closely held businesses , retirement accounts , vehicles , homes , household furnishings and collections ) and all your liabilities ( such as mortgages , bank loans , lines of credit and credit cards ).

This provides a clear picture of your financial situation , and it gives essential information to those responsible for managing your estate .

STEP 2 :

EXECUTE ESSENTIAL DOCUMENTS

To ensure your estate is managed according to your desires , it ’ s crucial to execute the following key documents :

Last Will and Testament : Lists family members and beneficiaries , directs asset distribution ( specifying outright ownership or trust interests ) and names an executor and alternates

Living Trusts : May be established to avoid the probate process , but should be utilized in conjunction with a will to make sure nothing falls through the cracks

Healthcare Directive : ( sometimes called a Living Will ) – addresses end-of-life care , outlines the use of extraordinary efforts for prolonging life and appoints a healthcare proxy

Power of Attorney : Appoints an “ attorney-in-fact ” who can have authority to transact business and act on your behalf

STEP 3 :

MAKE SURE TO DESIGNATE BENEFICIARES

Make sure that you have added designated beneficiaries to your life insurance and retirement accounts . You may also choose to add designated beneficiaries to your bank and investment

accounts . By aligning your beneficiary designations with your overall estate plan , you can avoid conflicts and ensure your assets are distributed according to your wishes .

STEP 4 :

ASSEMBLE A TEAM OF ADVISORS

While gathering information online can save time , using online tools to draft your estate planning documents may not yield the best results for your unique situation . It ’ s crucial to involve specialists from various fields to ensure your interests are fully addressed .

Attorney : Drafts legal documents and facilitates dispute resolution

CPA : Assists with tax planning , compliance and financial analysis

Banker and Investment Advisor : Provides financial expertise and ensures your assets are managed and transferred efficiently

Life Insurance Advisor : Helps you leverage life insurance to meet your financial and estate planning goals

These four steps are only the beginning , but with these tangible actions completed , you ’ ll be well on your way to establishing an effective estate plan .

Greg Sellers is a Member

in the Tax Division and a

leader of the Estate and

Trust Service Area . Greg

has over 38 years of

experience in public

accounting , specializing

in estate , gift and trust tax

planning and compliance .

GREGORY E . SELLERS 334.260.2350

72 CentrAL Inc !