According to data collected and maintained by the National Association of Estate Planners, a shocking 120 million adult Americans do not have an adequate or up to date estate plan in place. In other words, a majority of adult Americans run the risk of not having their wishes followed when the pass away. Moreover, a considerable number of these same people also face the prospect of paying more in estate tax and probate related fees because of their failure to properly plan.

There are a number of steps that people need to consider taking in order to ensure that they have a viable estate plan in place that meets their specific needs. The first step in the process is to consult an experience probate and estate attorney to determine what specifically is needed when it comes to developing a meaningful, effective and appropriate estate plan.

Write a Will

The most basic, fundamental step a person may need to take to craft a meaningful estate plan is to have a will written by a capable estate attorney. A will is an appropriate estate plan vehicle for many individuals who do not have the need to reduce estate related taxes and associated costs. A will ensures that a person’s wishes are carried out following death.

Review Beneficiary Designations

Another step that many people need to take as part of developing an estate plan is reviewing – and updating as necessary – beneficiary designations. For example, it is important to review life insurance beneficiary information to make sure it is up to date and reflects a person’s wishes.

Advise Family Members of Key Documents

Preparing estate plan related materials and instruments is all well and good. However, a person needs to make sure that trusted family members know where these and associated documents can be found. If they cannot be located when a person dies, it really as if these documents do not exist at all.

Make a Durable Healthcare Power of Attorney

As part of developing a comprehensive estate plan, a person is wise to discuss a durable healthcare power of attorney with an experienced estate lawyer. This instrument ensures that a person’s wishes are honored when it comes to healthcare decisions and medical treatments and procedures.