Do you have everything figured out for your estate? What will happen to your assets when you pass away? Who will take care of your children or your animals? If you don’t make a plan - you are planning for disaster! 

I know that estate planning isn’t the sexiest topic in the world but it is vital for protecting your loved ones and making sure they are taken care of after you are gone. I took the time to jump into estate planning so you don’t have to - learn from my leg work and get started today, what are you waiting for? 

You will want to hear this episode if you are interested in...

• How to get started with estate planning [1:35]
• Legal directives and living wills [5:00]
• Reviewing accounts [7:00] 
• Navigating state laws regarding estate taxes [10:00] 
• Plan to review everything [14:00] 
• Closing thoughts [15:20] 

7 steps to Estate Planning

The best thing you can do when you are faced with a large task is to break it down into steps you can take bit by bit. To take on a task like breaking down estate planning - decided to go with seven steps you can take to get a handle on your estate planning goals. 

1. Take an inventory of your assets. 
2. Create or update your will. 
3. Create or update your legal directives. 
4. Review the beneficiaries on your accounts. 
5. Assess whether you are subject to any estate, inheritance, or federal tax. 
6. Consult with a professional - an estate planning attorney or financial planner. 
7. Periodically update and review your estate as necessary. 

Over the years I have talked to many people who are stuck on step one or never get to step five - I hope that this list helps you make a plan. Consider printing out this list and making notes as you go! 

Make a plan and review it! 

What will you do first to get started with your estate planning adventure? You don’t have to have everything planned out right away - break it down into manageable chunks and go from there. Too many people make a plan and then forget about it - don’t let that happen to you. If you want to have an effective and smooth estate plan, you need to make sure it stays up to date. Your plan will also do you no good if no one knows where to find it! To hear more helpful tips that will put you in the best position for long term financial success, make sure to listen to this episode! 

Resources & People Mentioned

• www.legalzoom.com

Connect With Morrissey Wealth Management

www.MorrisseyWealthManagement.com/contact