Estate planning basics for growing portfolios
Simple steps to protect what you build and pass wealth according to your wishes.
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1
Start with beneficiaries
Retirement and brokerage accounts often pass by beneficiary designation—not your will. Keep them current.
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2
Draft a will
A will directs how assets flow and can name guardians for minor children.
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3
Consider a trust
Trusts may help manage complex assets, reduce probate delays, or control distributions over time.
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4
Power of attorney
Authorize someone you trust to handle finances if you become incapacitated.
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5
Health care directives
Document medical preferences and appoint someone to speak on your behalf.
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6
Inventory your assets
List accounts, real estate, insurance, and debts so heirs aren't left searching.
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7
Tax implications
Estate and inheritance rules vary. Planning ahead may reduce taxes on transfers.
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8
Business interests
If you own a business, succession planning protects value for family or partners.
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9
Communicate intentions
Surprises in estate plans often cause disputes. Discuss major decisions with heirs when appropriate.
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10
Review every few years
Marriage, divorce, births, and asset growth all warrant updates to estate documents.
