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By : Raam Dhakad
KYD - Personal Finance
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Whatever is there after hard work in life is accumulation of wealth, property and other personal belongings. But who will get this property after your death?
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It is the process of deciding what will happen to you after your death. This involves creating a binding legal document that will ensure that your wishes are being fulfilled.
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To create an estate plan, first you need to set your goals. First define your estate planning goals.
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After creating a plan by defining your estate planning goals, the next step is to collect and organize your financial data.
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Once you have figured out your financial situation, the next step is to engage professional advisors to analyze and discuss your situation.
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After meeting with a financial advisor and getting all the information, your next step is to draft all the estate planning documents.
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Once the documents are drafted, you need to make sure that all your beneficiary designations are updated exactly the way you want them.
Communicate regularly with your attorney and your financial planners and make sure that if things have changed in your life, you are finding that your plan is updated to match those changes.
Some may find this task quite difficult but when you use these steps you can make it very easy and manageable.