Creating an Estate Plan: Essential Steps for Financial Security

An estate plan encompasses various legal and financial documents that outline how you want your assets to be distributed and who will make decisions on your behalf in case of incapacity.

Estate planning is a complex process. Luckily, Clifford, Ross, Raudenbush & Cooper, LLC is here to help. Contact us online or call our El Paso office at (915) 593-3330 to learn more.

Draft a List of Your Assets

Begin your financial estate planning journey by making an inventory of all your assets, including real estate, investments, bank accounts, and more. An accounting firm can help you organize and assess the value of your assets, ensuring no valuable items are overlooked.

Create a Will

A will is a legal document that outlines your wishes for the distribution of your assets after your passing and is an essential component of financial estate planning in El Paso. Here, you will be able to name an executor, the person responsible for administering your estate. With the help of an accounting firm, you can draft a comprehensive and legally sound will that aligns with your specific wishes and adheres to all applicable laws.

Choose Beneficiaries

In your estate plan, you need to designate beneficiaries for things such as life insurance policies and retirement accounts. A beneficiary will directly receive the proceeds upon your death.

Name a Guardian

If you have minor children, you must name a guardian who can take care of them in the event of your untimely passing. An accounting firm can assist in the selection of a guardian as well as the necessary provisions in your financial estate plan to ensure the well-being of your children.

Plan for Medical and Financial Decisions

In the event you are incapacitated, it’s crucial to establish a durable power of attorney for financial matters and a healthcare directive that can grant authority to someone you trust to make decisions on your behalf.

Establish a Trust

A trust can be a valuable tool for managing and distributing assets, providing privacy, and potentially reducing estate taxes, and it is an important part of financial estate planning. An El Paso accounting firm can explain the different types of trusts available and help guide you.

Plan for Estate Taxes

Estate taxes can significantly impact the value of your estate passed on to beneficiaries. An El Paso accounting firm can conduct a thorough analysis of your estate, providing strategies to minimize estate taxes which can involve gifting or charitable donations.

Plan for the Future with CRRC

Ensure your valuables are safe in the future with CRRC! Contact us online or call our El Paso office at (915) 593-3330 to learn more.