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Estate planning is an ongoing process. As such, there are several elements to consider.

Choosing Your Team. Your team should include a variety of professionals such as your attorney, tax advisor, insurance representative, trust officer, planned giving specialist or financial planner. One member should be appointed as the lead of the team.

Gathering Information. Working together with your team, a complete analysis should be conducted that examines your goals and objectives and details the names, ages, assets and liabilities of your heirs, as well as other important facts.

Analyzing Data. Your team will then take the time to analyze your situation and provide you with a comprehensive report of how your estate would be handled.

Presenting Recommendations. Based on the results of your analysis, the team will make recommendations on how to help meet your specific goals and objectives.

Implementing Plans. You select the plan that appropriately meets your needs, sign essential documents such as wills and trusts, purchase any necessary insurance and make investment changes as agreed.

Conducting Period Reviews. Recognizing that the world (and your estate) is in constant flux, the estate planning process should be viewed as a cycle that renews regularly . At least once a year, you should meet with your advisors to go through the entire process to help ensure that the plans made for your estate will be followed.