Goal Plan for Create a will and estate plan to ensure assets are distributed according to your wishes

SMART Breakdown

S - Specific: The goal is to create a legally binding will and comprehensive estate plan to ensure assets are distributed according to my wishes. This involves consulting with a legal professional, gathering financial documents, and defining beneficiaries.

M - Measurable: Progress will be measured by the completion of key steps: consulting with a legal professional, gathering necessary documents, defining asset distribution, and signing the will and estate plan.

A - Achievable: This goal is realistic given the resources available, including access to legal professionals specializing in estate planning. Necessary skills include understanding financial documents and clearly defining asset distribution.

R - Relevant: This goal is important to ensure that my assets are distributed according to my wishes, providing peace of mind and reducing potential conflicts among heirs. It aligns with broader objectives of financial security and personal legacy.

T - Time-bound: The deadline for achieving this goal is 8 weeks. Important milestones include completing consultations with a legal professional and finalizing the will and estate plan within this timeframe.

Action Plan

Step 1: Consult with a Legal Professional

1.1 Research and Select an Estate Planning Attorney

To begin the process of creating a will and estate plan, the first action is to research and select a qualified estate planning attorney. Start by seeking recommendations from friends, family, or financial advisors who have undergone similar processes. Additionally, utilize online resources such as legal directories and reviews to identify potential candidates. Once you have a shortlist, schedule initial consultations to discuss your needs, their experience, and their approach to estate planning. This will help you gauge their expertise and compatibility with your requirements. Ensure the attorney is licensed in your state and has a good track record in estate planning.

When: Complete by Week 1
Resources needed: Internet access, recommendations, legal directories

1.2 Schedule and Attend Initial Consultation

After selecting an attorney, schedule an initial consultation to discuss your estate planning goals. Prepare a list of questions and concerns to address during the meeting. This consultation is crucial for understanding the legal requirements and options available for your estate plan. The attorney will provide guidance on the necessary documents and steps involved in creating a comprehensive plan. Use this opportunity to clarify any doubts and establish a clear understanding of the process.

When: Complete by Week 2
Resources needed: Prepared questions, financial overview

Potential obstacle: Difficulty in finding a suitable attorney

Solution: Expand search criteria, consider virtual consultations, or seek referrals from professional networks

Progress check: Selection of an attorney and completion of the initial consultation

Step 2: Gather Necessary Financial Documents

2.1 Compile a List of Assets and Liabilities

Create a comprehensive list of all your assets and liabilities. This includes real estate, bank accounts, investments, retirement accounts, personal property, and any outstanding debts. Organize these documents in a manner that is easy to understand and access. This step is essential for providing your attorney with a clear picture of your financial situation, which will inform the estate planning process.

When: Complete by Week 3
Resources needed: Financial statements, property deeds, account information

2.2 Organize and Review Beneficiary Designations

Review and update beneficiary designations on accounts such as life insurance policies, retirement accounts, and payable-on-death accounts. Ensure that these designations align with your overall estate planning goals. This step is crucial as beneficiary designations can supersede instructions in a will, so they must be consistent with your wishes.

When: Complete by Week 4
Resources needed: Account access, beneficiary information

Potential obstacle: Incomplete or outdated financial records

Solution: Contact financial institutions for updated statements and records

Progress check: Completion of asset and liability list and updated beneficiary designations

Step 3: Define Beneficiaries and Asset Distribution

3.1 Clearly Define Beneficiaries

Decide who will inherit your assets and in what proportions. Consider all potential beneficiaries, including family members, friends, and charitable organizations. Clearly defining beneficiaries is crucial to avoid disputes and ensure your wishes are honored. Discuss your decisions with your attorney to ensure they are legally sound and feasible.

When: Complete by Week 5
Resources needed: List of potential beneficiaries, legal advice

3.2 Draft and Finalize the Will and Estate Plan

Work with your attorney to draft a will and any additional estate planning documents, such as trusts or powers of attorney. Review the draft carefully to ensure it accurately reflects your wishes. Once satisfied, finalize and sign the documents in the presence of witnesses as required by law. This step is the culmination of your estate planning process, ensuring your assets are distributed according to your wishes.

When: Complete by Week 8
Resources needed: Legal expertise, witnesses

Potential obstacle: Changes in personal circumstances or wishes

Solution: Regularly review and update the estate plan as needed

Progress check: Signed and legally binding will and estate plan

Success Measure

You will know you have achieved your goal when you have a legally binding will and comprehensive estate plan that clearly outlines the distribution of your assets according to your wishes. This will provide peace of mind and reduce potential conflicts among heirs.

Resources Needed

Skills and Knowledge:

Legal Knowledge: Understanding of estate planning laws and regulations to ensure the will is legally binding and comprehensive.
Financial Literacy: Ability to assess and organize financial documents and assets for accurate distribution planning.

Tools and Equipment:

Computer and Internet Access: For researching estate planning options and communicating with legal professionals.
Document Management Software: To organize and store financial documents and drafts of the will securely.

Financial Resources:

$1,000 - $3,000: Estimated cost for legal consultation and drafting of the will and estate plan.
Potential sources: Personal savings, budget adjustments, or financial assistance from family members.

Support System:

Estate Planning Attorney: Professional guidance and legal expertise to draft and finalize the will.
Financial Advisor: Assistance in evaluating assets and financial documents to ensure accurate distribution.

Time Commitment:

10 hours per week: Dedicated time for consultations, document gathering, and reviewing drafts over the 8-week period.

Physical Resources:

Secure Storage: A safe or lockbox to store important documents and the finalized will.
Office Space: A quiet, organized area to work on estate planning tasks and meet with professionals.

Additional Resources:

Estate Planning Guidebooks: Educational materials to enhance understanding of the estate planning process and options.
Beneficiary Contact Information: Up-to-date details for all beneficiaries to ensure clear communication and distribution instructions.

By identifying and securing these resources, you will be well-equipped to create a comprehensive will and estate plan that aligns with your goals and ensures your assets are distributed according to your wishes.

Tips and Advice

Start Early:
- Explanation: Beginning the process of creating a will and estate plan early allows you ample time to consider all aspects of your estate and make informed decisions.
- Application: Set aside dedicated time each week to work on your estate plan, ensuring you have enough time to gather documents, consult with professionals, and make thoughtful decisions.
Consult a Professional:
- Explanation: Estate planning can be complex, and a legal professional can provide valuable guidance and ensure your documents are legally sound.
- Application: Schedule a consultation with an estate planning attorney to discuss your goals and get expert advice on structuring your will and estate plan.
Organize Your Documents:
- Explanation: Having all necessary financial documents organized and accessible is crucial for creating an accurate and comprehensive estate plan.
- Application: Create a checklist of required documents, such as bank statements, property deeds, and insurance policies, and gather them in a secure location.
Clearly Define Beneficiaries:
- Explanation: Clearly defining who will receive your assets helps prevent disputes and ensures your wishes are honored.
- Application: Make a list of beneficiaries and specify what each will receive, considering both tangible and intangible assets.
Review and Update Regularly:
- Explanation: Life changes such as marriage, divorce, or the birth of a child can affect your estate plan, so regular reviews are essential.
- Application: Set a reminder to review your estate plan annually or after any major life event to ensure it remains up-to-date and reflective of your current wishes.

Remember: Creating a will and estate plan is an act of care for your loved ones, ensuring your legacy is preserved and your wishes are respected. Take the time to do it right, and you'll gain peace of mind knowing your affairs are in order.

Additional Resources

Plan Your Estate by Denis Clifford (Book): A comprehensive guide to estate planning, covering wills, living trusts, avoiding probate, and more. It provides updated information on state and federal laws and is applicable in all U.S. states except Louisiana.
Quick & Legal Will Book by Denis Clifford (Book): This book offers step-by-step instructions and forms to create a simple, valid will. It includes information on estate planning basics and avoiding probate.
Organized After Life - Estate Planning Online Workshop (Online Course): An online workshop that helps you understand estate planning and how to avoid leaving a legal mess for your loved ones. It provides insights into creating a personalized estate plan.
FreeWill (Tool): An online platform that allows you to create a legal will for free. It offers additional estate planning products like living wills and durable financial power of attorney.
Snug - Leave a legacy, not a mess (Tool): Provides a comprehensive estate planning service, including wills, trusts, and digital asset planning. It offers a personalized, state-specific plan for your assets and final arrangements.

These resources offer a mix of books, online courses, and tools to help you create a will and estate plan, ensuring your assets are distributed according to your wishes.