Your very first step toward an estate plan can be accomplished in an hour or even less. It requires nothing more than finding the documents that show what you own and what you owe. For starters, look for mutual fund statements, pension plan forms and the title deeds to any property that you own. List any loans, mortgages or lines of credit you have outstanding as well as your credit cards. If people owe you money, note this, too. And, if possible, try to find documents that show what you originally paid for the stocks, bonds or other securities in your portfolio.

By simply having all the information at hand, in a single folder, makes it easy for an accountant or lawyer to figure out your financial situation. That could save you hundreds of dollars in professional fees. It also makes it easy for your heirs — and yourself — to see the extent of your estate at a glance.

Once you have your papers together, it's time to ask yourself what you want to do with the wealth you will leave behind. At first this may seem simple — everything will go to your spouse, or it'll be divided equally among your children. But think about whether any of your possessions — a ring, say, or a particular photo — have special meaning. If so, you may want to consider making a special bequest of those items to specific people. Note that down. And note down, too, any potential problem areas: a family cottage that will have to be divided among several children, a business that has to be split, how you're going to compensate your other kids if you leave a favorite and valuable possession to one child. These topics will form the basis of later discussions.

Next, consider whom you want to be executor of your will. This person will be in charge of arranging your funeral, settling your final bills, filing your last tax return and making sure that the provisions of your will are carried out as you wished. Obviously it should be someone you trust — your spouse, a child, a close friend or a professional trustee. It helps if the person has some familiarity with legal or business matters. Ideally, too, your executor should live nearby and, if you're getting on in years, it should be someone younger than yourself so he or she will be around when your family needs them. You can name your husband or wife as executor, but, if so, you should also name an alternate executor in case you and your spouse die together.

If you're a parent with young children, you should consider whom you want to be the guardian of your kids if you and your spouse should die before they reach the age of majority. It should be someone who can support your children without feeling resentful; it should also be someone who will raise your children in the way that you wish.

Please call Michael today for a quote at 778 389 5866