Estate and financial planning are some of the most important steps you can take to ensure your future is secure and your loved ones are cared for. You may already have the basic estate planning documents, but it’s essential to take action and create a formal plan to turn those wishes into reality. 

A well-structured estate plan provides peace of mind by clearly outlining your intentions and protecting your assets. Whether you're creating a plan for the first time or revisiting an existing one, our Estate Planning Checklist ensures that all critical steps are covered, and your wishes are well-defined. To gain a deeper understanding of the process, let's explore the six estate planning steps in detail, so you can confidently secure your financial future. 

View The Steps From our CEO Michael Embrescia

Step 1: Seek Professional Assistance 

While it might seem tempting to handle things on your own, it’s important to seek professional advice. Each estate plan is unique and should reflect your family, assets, and personal goals. Take the time to work with the appropriate professionals, like an estate planning attorney, to create a tailored plan that fits your specific needs. 

Step 2: Create Your Own Will 

Creating a will is one of the foundational steps in estate planning. Start by meeting with a qualified estate planning attorney to appoint a personal representative to manage your estate and specify how your assets will be distributed. If you have children, make sure to include provisions for a guardian and consider trust arrangements for added protection. 

Step 3: Execute a Durable Power of Attorney (DPOA)

Appoint a trusted individual as your DPOA to handle important decisions regarding your business, legal, and financial affairs if you're unable to do so. This helps avoid the need for court involvement or oversight, ensuring smoother management of your assets. Choose someone who understands your financial goals and values, and consider naming a backup agent for added security.

Step: 4 Execute Advanced Directives  

Advanced directives, such as a Living Will and a Health Care DPOA, are essential components of an estate plan. These documents allow you to designate someone to make decisions on your behalf if you become incapacitated or face unforeseen circumstances.  

A Living Will outlines your preferences for life-sustaining treatment in case of terminal illness or permanent unconsciousness, while a Health Care DPOA authorizes an appointed agent to make other critical health care decisions if you're unable to make them yourself. 

Step 5: Consider a Living Trust 

An estate planning attorney may determine that a trust is better for you if you want to retain control over how your assets are managed and distributed after your passing. 

You can fund a living trust during your lifetime or upon your death, and it remains flexible—allowing you to amend or revoke it at any time. This option provides seamless asset management, helping to avoid probate, reduce legal fees, and maintain privacy for your beneficiaries. 

Step 6: Individualize Your Plan 

Every estate plan is unique and should reflect your family, assets, and personal goals. Take the time to tailor your plan to your specific needs by working closely with your spouse, children, or other family members to ensure that your assets are distributed according to your wishes and on your preferred timeline. 

Professional Guidance Matters 

While it's tempting to try estate planning on your own, working with professionals ensures that all aspects of your plan are carefully considered and executed. They can ask the right questions and help you create a plan that aligns with your values and goals. Remember, estate planning is not set in stone—you can always adjust and refine your plan over time.  

As your trusted wealth advisors, EmVision Capital Advisors can provide financial guidance as part of your estate planning process to make sure all your financial strategies align with your long-term goals. But, we do not practice law, so for many of these steps, you’ll need to work with an experienced estate planning attorney to ensure all legal aspects of your plan are covered. 

Questions?

Contact us to schedule an appointment and download our Estate Planning Checklist. 

James Artale is a financial advisor located at EmVision Capital Advisors, 251 W. Garfield Rd. ​Suite 155 Aurora, OH 44202. He offers securities and advisory services as an Investment Adviser Representative of Commonwealth Financial Network®, Member FINRA/SIPC, a Registered Investment Adviser. He can be reached at (330) 954-3770 or at info@emvisioncapital.com.

Securities and advisory services offered through Commonwealth Financial Network®, Member FINRA/SIPC, a Registered Investment Advisor. Fixed insurance products and services are separate from and not offered through Commonwealth Financial Network®.