The first step in your estate planning is to make an inventory of all the assets you own. This includes your bank accounts, insurance, real estate and personal belongings. You must also list down the market value of each item listed. Check your insurance carefully. Determine if this will cover your children's education and if it allows your spouse to take care of the mortgage. You will also need to review your beneficiary as you might not have the right person written down.
The next step is to determine who should receive your property and how much they will receive. You will also need to choose your executor. They will be taking care of your property until it is distributed to the people you chose to receive it.
Finally, you need to complete the documents mentioned above such as your will and power of attorney
. Make sure everything is properly signed and has the necessary instructions for your estate plan. Your will, for example, should be finalised in the presence of one or more witness. Ensure your executor and/or guardian's signature is included in your will.