When people think of estate planning, they often associate it with creating a will or trust. But even before you decide what documents to draft, you should first articulate your goals. Who do you want to be the beneficiaries of your wealth, and when do you want them to receive it? For some people, it might be easy to figure this out. But for others, especially those who do not have children or relatives they want to provide for or charities they’d like to support, it can be much more difficult.
Listing out your beneficiaries is an important first step in your estate plan. It can help ensure that you’re including everyone you intend to share your wealth with and can also provide direction on which estate planning documents you may need or approaches you may want to take.
