Estate Planning

Estate Planning Guide for Beginners Without a Plan

No one likes talking about death. And certainly, the idea of planning for that day when you pass can be daunting.  The good news is that you don’t have to do this alone.

Part of the wealth management process involves understanding how you can manage your finances strategically during and after your lifetime.  If you are struggling to start, here are some simple steps to help you with the process of establishing your estate plan.

1. Goals and Objectives:

Define your objectives for your estate plan. This could include providing for loved ones, minimizing taxes, charitable giving, and ensuring a smooth transfer of assets. For more information, see our Estate Plan – Things to Consider!

2. Inventory of Assets and Liabilities:

Make a comprehensive list of all your assets including bank accounts, investments, real estate, retirement accounts, insurance policies, and personal property. Also, make a note of any debts or liabilities.

3. Inventory of Digital Assets and Accounts:

Include provisions for your digital assets and online accounts in your estate plan. This includes passwords and instructions for accessing them.

4. Beneficiaries, Executors, Trustees, and Guardians for Minors:

Determine who you would like to inherit your assets, individuals who oversee the disbursing of those assets, and guardians if your children are minors. Some things to consider are the needs and circumstances of your beneficiaries. For executors/trustees, make sure they understand their roles and responsibilities.

5. Contact Financial Professional (CPA, Banker, Wealth Manager):

Discuss with a financial professional to ensure your estate plan meets your specific needs and goals. Each party can play a crucial role in helping you focus and develop your plan.

6. Contact Estate Planning Attorney:

We suggest contacting a few experienced estate planning attorneys to discuss your goals, pricing, and process. In addition, you will need to ensure your estate plan is legally sound and tailored to your specific needs and goals. Once you have someone you would like to work with, they can help you create, title, and implement the plan.

Ready to create your estate plan? Click here  to schedule a meeting with our wealth manager.

About Our Financial Planners

As financial planning experts in Lake Oswego, we offer a unique approach to develop a comprehensive financial plan that fits your unique situation.

Lake Oswego Office

5 Centerpointe Drive, Suite 400
Lake Oswego, OR 97035

(503) 747-6534
(503) 214-6534


Palm Spring Office

777 E. Tahquitz Canyon Way, Suite 200-105
Palm Springs, CA 92262

(760) 606-0087
(760) 606-0084


Roseville Office

3017 Douglas Blvd., Suite 300
Roseville, CA 95661

(916) 546-8598