Written by: Liwin Troy Lee
1. Discuss with your spouse how you want your estate to be handled if you both die or one dies before the other. You should map out both scenarios.
2. Determine if you want your estate to stay within the family. That is, do you want your children's spouse or their children to inherit any part of your estate.
3. Determine if you want you children to inherit everything. That is, do you want to give everything to your children when you die or do you want to provide the income over a period of time. If you pick the latter, you have to decide how much to give out each period.
4. Discuss what will happen to the estate if you and your spouse gets divorced later in life. That is, will the estate still include your current and children or would you include your future spouse and future children as well.
5. Decide whether you want to include charities as part of your estate planning. If so, start looking for charities you would give to and for how much.
6. Look for a reliable financial adviser and trustee to handle your affairs. This is especially important if your children are minors when you die.
7. When you have all this information. You can then prepare your will.
Sources
How to Prepare for an Estate planning Meeting
12 Easy Steps to preparing your estate plan
Preparing for an estate plan
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