1. Create or Update Your Will

Your will provides instructions for distributing certain property, identifies the person you want to administer your estate, and provides an important opportunity to state your wishes regarding the care of your minor children.

2. Name Guardians for Minor Children

Consider whom you would trust to care for your children if neither parent were able to do so. Think about your values, parenting style, family relationships, location, stability, and whether you should identify a backup choice.

3. Plan How Your Children Will Receive Their Inheritance

Leaving assets directly to a minor can create complications. Consider who should manage assets for your children and when you want your children to have control of their inheritance. A trust can provide instructions for how those assets should be managed and used.

4. Consider Whether a Revocable Living Trust Makes Sense

Depending on your assets, family circumstances, and goals, a revocable living trust may be an appropriate part of your estate plan. A trust can provide additional control over how assets are managed and distributed and may help avoid probate for assets properly transferred to the trust.

5. Put Incapacity Documents in Place

Estate planning also addresses what happens during your lifetime. Consider a durable power of attorney, advance directive, HIPAA authorization, and other documents that allow trusted people to assist with financial or health care matters if necessary.

6. Review Beneficiaries, Assets, and Important Information

Review beneficiary designations on life insurance, retirement accounts, and other assets and make sure they coordinate with your overall estate plan. Consider how your family would locate important financial information, digital assets, account information, and other records if they needed them.