Estate planning can be challenging. It’s best to enlist the help of a Northern Virginia area asset managemen t professional as well as do a little homework to understand the basics.

The reality is you’re never too young to start thinking about what you’ll leave behind when you’re gone. A basic estate plan is necessary, no matter how much you have in the bank. It ensures that your family is secure and that your financial goals are met regardless of what happens in the future.

Your best bet is getting an expert Northern Virginia and Potomac area asset management company to put together your estate plan. However, this doesn’t mean you should be taking in what they say blindly. Remember, your estate plan should be tailored to your needs and future goals.

Even if you enlist an expert’s help, it’s important that you know the basics of estate planning. Here are some tips to help you out:

1. Make a list of all your financial assets.

Don’t be afraid to look your finances in the eye! Determining your assets is an important first step in estate planning. Take note of your investments, retirement savings, insurance policies, and any interests (e.g., business or real estate). This will make asset distribution much easier in the future.

2. Be clear about what you want to do with your assets.

After you’ve taken stock of all your assets, the next step is determining who will get them in the event something happens to you. This is what a will is for, and every estate plan should have it. This important legal document instructs where your finances and assets should go when you’re gone. If you have underage children, a will allows you to name a guardian for them.

When making a will, it’s important to be transparent. According to CNN Money, discussing inheritance plans with your family and friends may reduce the chances for disagreements in the long run.

3. Be aware of state and federal laws.

An estate plan also needs a living will (sometimes called an advance medical directive). This document contains your wishes concerning life-sustaining medical intervention, in case you become terminally ill and are unable to communicate.

States have different statutes about when a living will goes into effect. Some also have restrictions on the types of medical interventions to which these statutes apply. It’s important to keep these laws in mind during planning to avoid complications later on.

Determining the ins and outs of estate planning can be tricky, but at AOG Wealth Management, we are glad to help. We’re your local Northern Virginia and Potomac are asset management experts. We help clients in all stages of wealth to increase and safeguard their resources. Our advisory team of wealth management professionals can help put together an estate plan that best suits you.

It’s never too early to start making plans for your estate. Give us a call at (866) 993-0203 today.