How To Make a Will And An Estate Plan 

Having a will and estate plan is a vital element of future planning. Should you die without putting this in place then there’s a real risk that your wishes won’t be carried out. You also leave your surviving relatives with the headache of having to sort this out, as well as the heartache of having lost you.

Despite the COVID pandemic having changed many people’s attitudes towards estate planning, the number of American’s who’ve yet to get their financial affairs in shape hasn’t changed. In fact, while the number of younger adults making wills increased to 63%, those aged 35 and over are 16% less likely to have put a post-death action plan in place.

According to research carried out by caring.com, in 2021 the older generations are even less likely to have a will than the year before. The most common reason cited is not feeling they have the resources or tools to do so. 

The following is a simple guide to estate planning and making a will, no matter what your age. 

Differences Between a Will and an Estate Plan 

• What is a will?
• What is an estate plan?

What is a will?

A will is a legal document that outlines who your assets should pass to after your death. You can also include additional details, such as who you want to take care of your children and property and business-related matters. A will also means you can name those who you’d like to be responsible for distributing your assets (also called your estate). These people are known as executors.

Wills can be very simple documents for those who have straightforward assets. If they’re a little more complicated then a will might take a little more detailed construction.

What is an estate plan?

An estate plan is made up of several elements, one of which is making a will. So, in short, a will is part of your estate plan. Other factors that might make up the plan include:

• Business succession planning
• Granting Power of Attorney for your welfare, financial affairs, or both
• Other assets, such as life insurance, savings, and retirement plans

Depending on the complexity of your estate, a plan might only consist of a will and Powers of Attorney, or it might include other factors. 

11 Simple Steps to Will and Estate Planning 

• 11 steps to forward planning

11 steps to forward planning

The following are the 11 steps to creating an estate plan: 

1. Make a will
2. Consider holding your property in a living trust
3. Grant power of attorneys for health and finances
4. Protect property for your children by naming an adult to manage assets for minors
5. Name a beneficiary for bank and retirement plans and file the forms
6. Consider life insurance
7. Determine if estate tax will be relevant (for most it won’t)
8. Set up payment for funeral expenses, either with a prepayment plan or a payable-upon-death account
9. State your end of life wishes, including whether you want to be cremated, buried, and other issues, such as organ donation
10. Create a succession plan if you own a business
11. Store all your documents, including your will, any insurance policies, investment certificates, banks accounts, retirement plans, debts, and any other relevant documents 

Let Capita Take The Strain: Bespoke Will & Estate Planning

Global financial experts, Capita, provide a dedicated will and estate planning service that removes the stress and strain of creating your own. Their experienced, confidential, and sensitive advisors work with you to capture your wishes and provide the ultimate tax advice for the estate you leave behind.

Don’t leave the future of your loved ones to chance. Plan for the future today and visit https://www.capitafinancialnetwork.com to take advantage of one of the many factors of Capita’s financial know-how.