top of page
  • Writer's pictureSheron Olivine

Estate Planning 101: A Beginner's Guide to Safeguarding Your Legacy

Estate planning may sound like something reserved for the wealthy or elderly, but in reality, it's a crucial step for everyone, regardless of age or financial status. Whether you're a fresh-faced college graduate or a seasoned professional, taking control of your estate is essential for safeguarding your loved ones and ensuring your wishes are honoured.

In this beginner's guide, we'll break down the process of estate planning into manageable steps, demystifying the jargon and empowering you to seize control of your financial destiny.

Step 1:

Take Inventory of Your Assets

First things first, before diving into the intricacies of estate planning, it's essential to know what you've got. But before we do, let’s debunk the Myth that one’s too young to worry about estate planning. It’s never too early to start. Accidents and unexpected events can happen at any age, so having a plan in place ensures that your wishes are known and respected, no matter what happens.

Take some time to inventory your assets, including bank accounts, investments, real estate, vehicles, and valuable possessions. Don't forget to consider digital assets like social media accounts and online accounts.

Step 2:

Set Your Goals and Wishes

Once you have a clear picture of your assets, it's time to think about your goals and wishes for your estate. What would you want to happen with your stuff when you're not around?  Do you want to ensure your children's education is funded? Do you have specific charitable causes you'd like to support? Are there family heirlooms you want to pass down to future generations? Setting these goals will guide your estate planning decisions.

Step 3:

Create a Will

Perhaps the most well-known aspect of estate planning is creating a will. A will is not just like a roadmap for dispersing your stuff, it’s a legal document that outlines exactly how you want your assets distributed after your death. It also allows you to appoint guardians for minor children and specify any funeral or burial wishes.  It’s also important to note that while a will is an essential part of estate planning, it's not the only document you need. Trusts, powers of attorney, and beneficiary designations are also critical components of a comprehensive estate plan.

Whereas you can create a basic will on your own, it's often advisable to consult with an estate planning attorney to ensure all legal requirements are met. 

Step 4:

Consider a Trust

In addition to a will, you may want to consider setting up a trust as part of your estate plan. Trusts are like special accounts that hold your stuff and make sure it goes to the right people without a lot of hassle. They can be helpful if you have a lot of assets or want more control over how your stuff gets passed down. It allows you to transfer assets to beneficiaries while avoiding the probate process, which can be time-consuming and expensive. Trusts also offer greater privacy and flexibility than wills, making them an attractive option for many individuals.

Step 5:

Designate Beneficiaries and Power of Attorney

Another crucial aspect of estate planning is naming/designating beneficiaries for your accounts and assets. This ensures that your assets are distributed according to your wishes and can help avoid fights/disputes among family members. Additionally, it's essential to designate a power of attorney to make financial and healthcare decisions on your behalf if you become sick, hurt, or incapacitated.

Step 6:

Review and Update

Regular Estate Planning is not a one-and-done task; it's a process that requires regular review and updating. Life changes, and so should your estate plan. Life events such as marriage, divorce, births, deaths, and significant financial changes can all impact your estate plan. Make it a habit to review your plan annually or whenever a major life event occurs to ensure it remains up-to-date and reflective of your wishes.


Congratulations, you've completed Estate Planning 101! By following these simple steps and taking control of your estate, you've taken a significant step towards safeguarding your legacy and providing for your loved ones. Remember, estate planning is not just about money and other forms of assets – it's about peace of mind and ensuring your wishes are honored.

So don't wait until it's too late; start planning today and secure your legacy for tomorrow!

Please Like, Comment and Share!

Follow me on Social Media for weekly tips every Wednesday to help you make budgeting a lifestyle. Next week, we'll explore the concept of mindful spending.

18 views2 comments

Recent Posts

See All


Takiece Brown
Takiece Brown
Feb 17

Only put off until tomorrow what you are willing to die having left undone.” — Pablo Picasso. Such an important topic and a great read.

Sheron Olivine
Sheron Olivine
Mar 09
Replying to

Indeed Takiece...indeed. Thank you!

bottom of page