It’s never too early to start estate planning. After all, the primary purpose of making arrangements is to protect your loved ones in all eventualities, and that means recognizing the fact that life is unpredictable. As such, probate law attorneys encourage everyone to draft a will sooner rather than later, even adults who are relatively young and healthy. If you’d like to get your affairs in order but aren’t sure how to get started, the following tips will help. 

3 Tips for Creating a Comprehensive Estate Plan 

1. Take an Inventory 

A primary component of estate planning consists of distributing property to your loved ones. For this reason, the best way to start your estate plan is to create an inventory of your assets. This includes real estate, vehicles, valuable collections, artwork, and investment accounts. If you own a small business, include your shares in the inventory as well; however, make a note to address them later, as you’ll have to devise a separate business succession plan. 

2. List All Eligible Beneficiaries 

Who do you want to be taken care of after you pass? Make a list of everyone who deserves some portion of your estate, like your spouse, parents, siblings, children, grandchildren, nieces, nephews, and close friends. However, before you start allocating property, confirm your state’s laws regarding elective shares with an attorney. For example, in Connecticut, individuals are entitled to a certain portion of their spouse’s property regardless of whether they're included in the estate plan. 

3. Expect the Unexpected

If something were to happen to you tomorrow, what kinds of arrangements would need to be in place to relieve your family’s burden following the sudden loss? If anyone relies on you financially, for example, you may want to purchase life insurance. And what about your digital legacy? If you have any social media accounts, you’ll have to provide instructions regarding your various profiles. Should they be deleted or preserved as memorial pages? Considering such logistics will ensure your completed estate plan addresses everything. 

To discuss your estate plans with a detail-oriented lawyer, turn to Gilbert P. Kaback Attorney at Law. Practicing out of Colchester, CT, this seasoned lawyer has more than two decades of experience in the legal field. To explore his different practice areas, visit his website. To schedule a consultation with this knowledgeable estate planning attorney, call (860) 537-0874.