06 Aug Estate Planning First Steps
The number one question people ask about estate planning is: Where do I start?
For most people, the estate planning process doesn’t come easily. Not only do they have to think about what happens after they die, they also have to deal with complicated legal and financial matters.
But don’t put it off—the sooner you start, the better! If you’re feeling stumped about where to begin, here are three simple steps you can take on your own.
Step 1: List your assets and investments.
This first step can get complicated, depending on the size of your estate and the range of your investments. But it’s best to start here, because taking an inventory now will help with the rest of the estate planning process. Basically, you want to list everything you own that would be valuable to your loved ones.
Here’s a list of common assets to help you get started:
- Bank accounts (checking, savings, CDs)
- Real estate (family home, rental or commercial properties, land)
- Vehicles
- Retirement accounts (401K, IRA)
- Life insurance policies
- Investments (mutual funds, stocks, bonds, corporate shares)
- Business holdings (full or partial ownership)
- Digital assets (copyrights, cryptocurrency, domain names)
- Heirlooms (antiques, jewelry, art, collectibles)
Step 2: Decide on beneficiaries.
If you want to keep things simple and leave everything to your partner, son, or daughter, that’s fine. But if you only have one beneficiary, it’s always good to name an alternate. You can also name a nonprofit organization as a beneficiary if you wish
Next, designate beneficiaries for accounts that allow them, such as bank accounts, retirement accounts, and life insurance policies. You can also use a beneficiary deed to bypass probate and transfer ownership of titled property, like vehicles and real estate.
Step 3: Write a will and have it witnessed.
You can use your will to divide your assets, appoint a guardian for your children or pets, and name an “executor” to carry out your orders.
You can write your will by hand, print a document and sign it, or even draft an electronic will. However, even though all of these types of wills are legal in Arizona, they still need to meet certain requirements in order to be valid.
One of the most important requirements for a legal will is having qualifying witnesses. Remember: your witnesses cannot be related by blood, marriage, or adoption to you or to anyone named in your will.
Your Next Step: Talk to an estate planning attorney.
These are all steps you can take on your own, but if you want to go further, you’ll need to talk to an estate planning attorney. They can advise you on things like:
- Setting up a trust fund for children under 18
- Drafting power of attorney documents
- Preserving your wealth and avoiding probate
You can also benefit from professional advice if:
- You want to make certain your will is legally valid.
- You have a large estate/numerous heirs.
- You and your partner are unmarried, or you have a blended family.
Consult an Estate Planning Expert in Chandler, Arizona
Now that you know the basics, one of the best first steps you can take is to meet with an estate planning lawyer. At Phelps LaClair, your first consultation is always free of charge. We’re here to answer your questions, listen to your goals, and advise you on the next steps to take.
With locations throughout the Phoenix Valley, we’re right nearby and ready to help you secure your family’s future. Contact us to schedule a meeting today.
Photo by Fernando Pelaez Cubas on Unsplash used with permission under the Creative Commons license for commercial use 7/28/25.