Estate planning is an essential part of shaping your legacy and taking care of your loved ones. Even if you’re just starting out in your life and career, you should already be thinking about setting up your estate plan. Below are three steps to help you get started.

Essential Tips for Making an Estate Plan

1. Write a Will

A will forms the foundation of your estate plan. In a will, the testator (the person writing the will) names their beneficiaries and the assets that each beneficiary will receive upon the testator's death. The testator also names an administrator or executor to manage and resolve the estate. Parents of minor children can include information about who should assume guardianship. Make sure the will is reviewed by an estate planning attorney and the signing of the document is viewed by two witnesses.

2. Set Up a Trust

With a living trust, you transfer ownership of specific pieces of property to the trust itself while you are still living. Upon your death, ownership then transfers to the beneficiary you've named. Living trusts offer many benefits. They avoid the long and often costly probate process that all wills must go through; their terms remain confidential and are not part of the public record. In some cases, they may help reduce estate and gift taxes.

3. Consider End-of-Life Care

Think about which types of medical care you'd want to receive — and not want to receive — if you became too ill to make these types of decisions at a later date. No matter your age, it's important to look out for yourself in the event of an accident, illness, or mental incapacity. An advanced healthcare directive lets you state in writing what medical treatments, life-support efforts, and resuscitative measures you'd want.

Always design your plans with an attorney to ensure they are legally sound and enforceable. Monteleon Law Group will guide you at every stage of estate planning. Serving the Orange County, NY, area, they provide legal representation in several practice areas, including wills and estates, personal injuries, family law cases, and criminal defenses. Call (914) 840-2529 or visit them online to schedule a consultation.