I decided to make my Estate Plan, what is the next step?

By: Ricardo Cambra La Duke, Lawyer and Partner at CLD Legal.

We are glad that you have decided to carry out a planning of your estate and you will surely be wondering where to start. In the following lines I describe some of the steps you must take in order to start your planning.

First, you have to define your goals or the goals you want to achieve. Before starting with your planning you must decide where you want to go with it, for example do you want your spouse to have enough income to live without worrying about expenses? Do you want your children to have enough funds to be able to attend college if you are not alive? Write your goals, sometimes writing can make you visualize other things that you were not contemplating and make sure that nothing is left out.

Second, you must make an inventory of all your assets and liabilities. Your assets are all the goods that have value or are capable of being valued and your liabilities are basically your debts. You must update any information that is necessary to update and determine, for example, if you have insurance policies that are expired.

Third, you must determine which professionals you are going to involve in your estate planning. For example, working with a good lawyer who will advise you on the preparation of the Regulations for the Private Interest Foundation or a good insurance broker who will advise you on the best policy depending on your circumstances, is essential.

Fourth, you need to start developing your plan, which basically means you decide which structure is best for you:

  • Will
  • Trust
  • Private Interest Foundation
  • Company
  • A combination of all these figures.

All these figures have different connotations and legal effects, therefore it is very important to have adequate advice and it is precisely where CLD Legal can help you to achieve your goals in an efficient and legitimate way.

In our next article we will refer to the different tools, as well as their advantages and disadvantages, so we invite you to follow us on our social media so that you can read it or stay informed about the different matters we handle at CLD Legal .

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