7 Steps to Building a Successful Estate Plan
Estate planning is essential to protecting your legacy and ensuring your loved ones are cared for. Here’s a step-by-step guide to help you get started:
List Your Assets and Liabilities
Begin by cataloging your financial and personal assets, such as homes, investments, retirement accounts, bank accounts, businesses, and personal property (jewelry, vehicles, etc.). Don’t forget to include permanent life insurance details. Next, list your liabilities like mortgages, loans, and credit card balances.
Pro Tip: Partner with your financial professional, attorney, or accountant to understand how your list impacts state laws and taxes.
Review Your Will, Power of Attorney, and Advance Directives
Outdated documents can lead to surprises for your family. Regularly revisit these documents to ensure they align with your current financial and family circumstances. Encourage younger family members to draft their own, even if they’re simpler.
Update Beneficiary Designations
Life changes, such as marriage or divorce, can affect your beneficiaries. Ensure the names listed on your life insurance, retirement plans, and other policies reflect your current wishes.
Review Property Titles
Ownership decisions made in the past might not align with your estate planning goals. Consult a local estate attorney to ensure your property titles are optimized for your situation.
Estimate Potential Estate Taxes
Federal and state estate tax rules can vary significantly. Collaborate with your financial and legal advisors to assess potential taxes and develop strategies to minimize the burden for your heirs.
Reminder: Work with an estate planner familiar with your state’s laws.
Plan for Special Needs
Address unique circumstances, such as minors, individuals with special needs, or family businesses. Set up guardians, trustees, or special trusts where necessary. If you have a family business, work with a professional to navigate the complexities of succession planning.
Schedule Regular Reviews
An estate plan isn’t a one-time task. Schedule regular check-ins—every few years or as major life events occur—to keep your plan updated.
Need Guidance on Starting Your Estate Plan?
Your financial professional can provide valuable advice and recommend trusted legal or accounting experts to assist with complex scenarios. Reach out today to start safeguarding your legacy.
About Burrows Capital Advisors
Burrows Capital Advisors (“BCA”) is a leading financial advice firm. Burrows Capital Advisors offers a comprehensive range of investment management services, thoughtfully designed to manage their clients' assets, and the risks embedded in their investment portfolios. Their long-standing commitment to risk management principles underscores their dedication to helping clients achieve their financial objectives with confidence, making them a trusted partner in the investment management industry. Comprehensive services include wealth management solutions, retirement plan solutions, advisory services, practice management support, innovative technology, marketing guidance, regulatory support, and market research.
Burrows Capital Advisors, LLC is headquartered in League City, TX in the Greater Houston metro. BCA is located at 2450 South Shore Blvd., Suite 220 League City, TX 77573.
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