Active Bloggers

E. Moss E. Moss
North Carolina Central University class of 2003
Sofía Montiel Sofía Montiel
Other College... class of 2017
HBCU CONNECT HBCU CONNECT
Central State University class of 1995
Reginald Culpepper Reginald Culpepper
Clark Atlanta University class of 1998
Dixie Somers Dixie Somers
Other College... class of 2004
Kennedy Williams Kennedy Williams
Spelman College class of 2020
Kara Masterson Kara Masterson
class of
Kamal Imani Kamal Imani
New York Inst of Tech class of 1997

3 Tips for Getting Started With Estate Planning

3 Tips for Getting Started With Estate Planning
Posted By: Anica Oaks on February 15, 2022

Estate planning is one of the most important parts of managing your finances. Despite this fact, many people either never put an estate plan in place or wait too long to create a comprehensive one. Part of the problem is that most people just don't know where to begin. Here are three tips that will help you get started with the estate planning process.


Decide Who Should Receive Money From Your Estate


The first step in deciding how your estate should be dealt with is figuring out who will benefit from it. Children, immediate relatives, close friends and favored charitable organizations are all common beneficiaries. Deciding who receives what from your estate in advance will make it much easier to put the details together in a formal estate plan.


Consult a Certified Estate Planner


Although having some details figured out in advance will streamline the process, the most important part of estate planning is to sit down with an expert. A certified estate planner can help you with everything from making your financial arrangements to planning for tax implications. In many cases, estate planners are also practicing attorneys. Wilson Law Group, LLC, for instance, offers estate planning services. You can also find estate planning services through your financial advisor or wealth manager. From there, you can create a detailed plan for your estate and establish any necessary trusts.


Revisit and Review Your Plan


Estate planning is an ongoing process, not a one-time event. To make sure your plan continues to meet your needs, you should revisit it periodically and see if anything needs to be changed. This is especially true if your wealth is still growing in retirement, since larger sums of money may introduce additional tax complexities or allow you to be more generous with posthumous donations.




You should also review your plan with your beneficiaries from time to time. Knowing exactly what's in the plan and what each person receives will prevent family disputes when it comes time to execute your will. It will also make it easier for your relatives to navigate your estate plan when the time comes.




Estate planning can be intimidating, but the process itself is actually quite straightforward. Deciding how you want your estate disposed of and enlisting the help of a professional estate planner will let you get a plan in place with minimal difficulty. After that, it's just a matter of keeping the plan updated and ensuring your heirs know how to best honor your final wishes.






If you enjoyed this article, Join HBCU CONNECT today for similar content and opportunities via email!
Comments
Please Login To Post Comments...
Email:
Password:

 
More From This Author
Career Certifications You Can Get in Less Than a Year
How to Get Your Degree Without Moving
What Is Medical Coding And Why Is It Important?
6 Reliable Careers That Don't Require a College Degree
Traits and Skills You'll Need as a Professional Driver
Tips For Landing Your First Job After Graduation
Latest Health & Wellness
Model Magic: How To Get the Body You Want

Model Magic: How To Get the Body You Want

Your image in the mirror dictates how you view yourself. With old age catching up, the image can change and cause a big dent in confidence while in public. Pushing towards getting the body you want is ...more
Anica Oaks • 3,164 Views • April 27th, 2022
Local Businesses That Provide Wellness Products

Local Businesses That Provide Wellness Products

As people in today's world become more health-conscious, more and more businesses are capitalizing on this trend by offering various types of wellness products. While some businesses specialize o ...more
Anica Oaks • 5,875 Views • February 17th, 2022
How to Stay Healthy When Living on Campus

How to Stay Healthy When Living on Campus

Staying in a college dorm can be an exciting experience. You have an opportunity to create memories that last for a lifetime. However, along with your newfound freedom comes more responsibility. Here’ ...more
Brooke Chaplan • 6,702 Views • December 21st, 2021
Figuring Out Your First Insurance Plan After Getting Off of Your Parents' Insurance

Figuring Out Your First Insurance Plan After Getting Off of Your Parents' Insurance

There will come a point where you are no longer eligible to be on your parent’s insurance. Usually, this is when you turn 26, though there may be some exceptions. When this happens, you may be scrambl ...more
Anita Ginsburg • 4,889 Views • November 24th, 2021
Natural Strategies for Anxiety Management

Natural Strategies for Anxiety Management

Having anxiety does not always require prescription medication to be a part of management and coping. There are multiple methods that you can use to prevent and reverse some of the symptoms of anxiety ...more
Anica Oaks • 3,866 Views • October 26th, 2021
Popular Health & Wellness
BENEFITS OF UNSWEETENED APPLESAUCE

BENEFITS OF UNSWEETENED APPLESAUCE

hile good health is more complex than eating an apple a day to keep the doctor away, fruits and vegetables provide undeniably crucial nutrition vital for good health. Whether apples are whole or made ...more
E. Moss • 27,844 Views • June 25th, 2019
Pediatricians: Partners in Helping Parents Quit Smoking

Pediatricians: Partners in Helping Parents Quit Smoking

Pediatricians: Partners in Helping Parents Quit Smoking by Dr. Brian Jenssen Secondhand smoke (SHS) exposure affects approximately 40 percent of the children in the United States, increasing their ...more
E. Moss • 23,207 Views • July 18th, 2019
Get your free Caregiver Notebook.

Get your free Caregiver Notebook.

Keep track of the health information of the person in your care. Choose just the pages you need, or download all of them to create a complete Caregiver Notebook. ...more
Reginald Culpepper • 13,619 Views • April 4th, 2018
Boris Kodjoe and Nicole Ari Parker Launch 'Kofit' Wellness App At Essence Fest

Boris Kodjoe and Nicole Ari Parker Launch 'Kofit' Wellness App At Essence Fest

Do you want to get fit but don't have time to hit the gym? Boris Kodjoe's new app is the perfect solution. Whether you’re a working mom juggling multiple responsibilities or an entrepreneur who is ...more
E. Moss • 12,995 Views • July 19th, 2019
Energizing Ginger Carrot Juice

Energizing Ginger Carrot Juice

Who knew ginger could taste good in juices? Try our ginger carrot juice. #Juicing Ingredients 2 carrots ½ honeydew 2 apples ½ orange 1 mango 1 thumb of ginger ½ lemon Directio ...more
E. Moss • 11,431 Views • July 16th, 2019