The top priorities when you start your estate plan

Starting an estate plan can feel overwhelming, but you do not need to handle it all at once. It is often better to focus on key priorities that lay a strong foundation for the future. 

By addressing these main priorities, you can protect your assets and take the first steps toward directing your legacy.

Create a will

The first priority for an estate plan is drafting a will. A will ensures that property, money and other belongings distribute according to your wishes. Without a will, the state decides who receives the assets, which may not align with your specific desires. Designating beneficiaries in the will also helps loved ones avoid lengthy legal processes and possible disputes.

Appoint an executor

It is important to choose someone trustworthy to manage your estate. This person, called an executor, is responsible for carrying out the instructions in your will. They will handle important tasks such as paying off debts, distributing assets and managing any taxes related to the estate. Make sure to communicate your intentions with your chosen executor well ahead of time.

Consider powers of attorney

As part of your estate plan, you have the right to grant someone power of attorney over your estate. This person will make important decisions if you become unable to handle personal affairs due to illness or incapacity. Choose someone responsible and reliable for this role, as they will manage financial accounts, healthcare decisions and other significant matters on your behalf.

Once the basics of the estate plan are in place, consider planning for future updates. Major life changes such as marriage, divorce or the birth of children may call for estate plan adjustments. Regular reviews help keep the estate plan relevant and aligned with current priorities.