Seven steps to basic estate planningInventory your stuff.Account for your family's needs.Establish your directives.Review your beneficiaries.Note your state's estate tax laws.Weigh the value of professional help.Plan to reassess.
No. When you think of estate planning, you may envision someone very wealthy and believe this doesn't apply to you. This is a common misconception. Estate planning is one of several key areas of financial planning to address throughout your life.
Americans say they need an average net worth of $774,000 to be “financially comfortable,” and an average net worth of $2.2 million to be “wealthy,” according to the Charles Schwab Modern Wealth Survey 2022.
Here's a good rule of thumb: If you have a net worth of at least $100,000 and have a substantial amount of assets in real estate, or have very specific instructions on how and when you want your estate to be distributed among your heirs after you die, then a trust could be for you.