Hey, friends! Tom Mason here, your buddy in the sometimes-confusing world of estate planning. First off, don’t click away! I promise to make this as engaging and as simple as possible. You’ve worked hard for your assets and for your family’s future, and I want to help you protect both. Let’s take this journey together, step-by-step.

Discover the 7 crucial steps in the estate planning process to safeguard your assets, secure your family’s future, and ensure your wishes are carried out.

What are the 7 steps in the estate planning process

Step 1: What’s the Game Plan? (Define Your Estate Planning Goals)

First and foremost, let’s talk about why you’re here. Are you looking to secure your children’s financial future? Do you want to minimize the estate taxes your heirs might have to pay? Perhaps you’re concerned about who’ll make decisions on your behalf if you can’t. Whatever your unique needs are, let’s define those clearly on paper—or hey, even in a digital note.

Step 2: What Have You Got? (Take Inventory of Your Assets)

It’s time to play ‘Financial Detective’— grab a cup of coffee, and sit down to make a detailed list of what you own. That’s everything from your home, cars, and jewelry, right down to your digital assets like social media accounts. Don’t forget those intangibles like stocks, retirement accounts, and any side-businesses you might have. The more comprehensive, the better.

Step 3: Will or Trust? The Million Dollar Question

Okay, so, you’ve got two main routes here: a will or a trust. A will is a legal document that says, “Hey, when I’m not around, give this to that person.” Trusts are a bit more complex but offer more control, even when you’re alive. Consult a qualified expert to guide you. And remember, whichever you choose, it’s not set in stone; life changes and so should your documents.

Step 4: Your Health, Your Call (Consider Healthcare Options)

Even if you’re currently the picture of health, tomorrow is never guaranteed. That’s why your estate plan should include healthcare directives like living wills or medical power of attorney. This ensures that if you’re incapacitated, your healthcare decisions are already made.

Step 5: The Life Jacket (Review and Update Your Life Insurance)

Think of life insurance as a financial life jacket for your family. It’s important to keep tabs on it and adjust the coverage as life evolves. Got married? Had a kid? Retired? All these life events are signals to review your life insurance policy.

Step 6: Decision-Makers and Recipients (Nominate Beneficiaries and Assign Directives)

Who gets the family heirloom and who makes the tough calls when you can’t? These are important questions. Clearly designate beneficiaries for all your assets, and assign financial and healthcare powers of attorney. And hey, as life changes, these designations can too—so keep them updated.

Step 7: Keep It Fresh (Regularly Review and Share Your Estate Plan)

Your estate plan isn’t a crockpot recipe—you can’t just set it and forget it. Make it a routine to review your estate plan, particularly when there are big life changes like a marriage, birth, divorce, or significant financial changes. Keep trusted family members and advisors in the loop so everyone’s on the same page.


Look, estate planning is like building a financial fortress around the people and things you care about most. It’s well worth the time and effort and could save you and your loved ones lots of headaches down the road. And hey, I’m here if you need help navigating these sometimes-tricky waters.

FAQ: Your Burning Questions Answered

What Are the Benefits of Estate Planning?

Hey, I get it; you might be asking, “Why bother?” Well, estate planning is like your life’s backup plan. It keeps your assets safe, makes sure your family doesn’t have to jump through legal hoops, and you get to call the shots—even when you’re no longer around. Pretty cool, right?

Can I Handle Estate Planning on My Own?

Technically, yes, you could go it alone, sort of like DIY furniture assembly. But just like you don’t want your bookshelf collapsing, you don’t want loopholes in your estate plan. A professional can guide you through the nitty-gritty and make sure everything is up to par.

What Documents Should Be Included in My Estate Plan?

Think of your estate plan as your life’s filing cabinet. It should have a will or trust, healthcare directives (so no one’s guessing what you’d want), beneficiary names for your assets, and power of attorney documents for financial and medical decisions. A complete package.

When Should I Update My Estate Plan?

Life’s always throwing curveballs, isn’t it? A new spouse, a newborn, a divorce, or maybe a lottery win (hey, one can dream!). Whenever there’s a significant change in your life, give your estate plan a little TLC too.

What Are the Most Common Estate Planning Mistakes to Avoid?

Look, mistakes happen—but let’s try to avoid them, okay? The biggies are not having any plan at all, forgetting to update when life changes (like new family members), missing out on some assets (did you forget Aunt Betty’s ring?), and not thinking about taxes.

How Do I Choose the Right Executor?

Your executor is like the captain of your posthumous ship. Pick someone you trust, someone responsible, and someone who actually wants the job. A good executor can steer everything smoothly even when waters get choppy.