Wills & Trusts First Steps

Creating a will or establishing a trust is one of the most important steps you can take to protect your loved ones and secure your legacy. Whether you are planning for the future or responding to a significant life event, following these steps can help ensure that your wishes are clearly documented and legally enforceable.

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1. Take inventory of your assets and liabilities. Make a comprehensive list of everything you own — including real estate, bank accounts, investments, retirement accounts, life insurance policies, and personal property. Also document any debts or financial obligations.

2.  Decide on your beneficiaries. Identify the individuals or organizations you wish to inherit your assets. Consider how you would like your estate to be divided and whether you want to make any specific bequests.

3.  Choose a trusted executor or trustee. This individual will be responsible for administering your estate or managing your trust in accordance with your instructions. Select someone who is reliable, organized, and capable of handling complex decisions.

4.  Plan for guardianship if you have minor children. Designate a guardian who will care for your children in the event of your passing. This is a crucial step to ensure their well-being and stability.

5.  Consult with an experienced estate planning attorney. Legal guidance is essential to ensure that your documents comply with state laws and reflect your wishes accurately. Contact ACA Law to work with skilled attorneys who can help you navigate the estate planning process, draft precise documents, and avoid costly mistakes.

6.  Draft and execute your will and/or trust documents. With the assistance of your attorney, formally prepare and sign your documents. Make sure they are witnessed and notarized as required by law.

7.  Safely store your documents and communicate your plans. Keep your will and trust documents in a secure, accessible place. Inform your executor or trustee and key family members where they can be found.

8.  Review and update your plan regularly. Life changes — such as marriage, divorce, the birth of a child, or changes in financial circumstances — may affect your estate plan. Periodically review and update your documents to ensure they continue to reflect your wishes.