5 Foundational Steps to Building a Strong Estate Plan

Those who live or work in fast-paced, high-tech environments often stay focused on innovation and forward thinking. But planning for the future should go beyond your career and investments—it should include a thoughtful estate plan to ensure your assets are distributed according to your wishes, not state law. A recent article from Puget Sound Business Journal, “5 Essential Steps to Craft a Comprehensive Estate Plan,” breaks down the key steps every adult should take to protect their legacy.

Here are five foundational steps to guide you:

1. Make a Full Inventory of What You Own
Your estate plan starts with knowing what’s in your estate. This includes:

• Tech-related investments and startup equity
• Real estate and vacation properties
• Cryptocurrencies and digital assets
• Retirement accounts and life insurance
• Valuables, personal property, and items in safe deposit boxes

Your estate planning attorney will use this information to determine the best legal tools for your situation—and your executor will rely on it to settle your estate.

2. Clarify Asset Ownership and Beneficiary Designations
How assets are titled can affect how they’re transferred. For example:

• In community property states, married couples jointly own property acquired during the marriage.
• Property owned as Joint With Right of Survivorship passes to the surviving owner automatically.

Also, review the beneficiaries on your life insurance and retirement accounts. These designations override what’s in your will, so they should be reviewed regularly and updated as needed.

3. Name Guardians for Minor Children
If you have young children, your will is where you’ll name their legal guardians. Without this, a judge will choose who raises your children if both parents pass away. If you haven’t created a will yet, this is one of the most urgent reasons to do so.

4. Prepare Powers of Attorney for Finances and Healthcare
An estate plan isn’t just about what happens after death—it also protects you during your lifetime. Two vital documents include:

• A Power of Attorney for someone to handle your financial matters if you’re incapacitated
• A Healthcare Power of Attorney or Healthcare Proxy to designate who can make medical decisions on your behalf

These documents ensure that someone you trust can act in your best interest if you're unable to do so.

5. Have Open Conversations with Loved Ones
While it may not be easy to talk about, letting key people know about your estate plan can prevent confusion and conflict down the road. Make sure your executor knows where to find your documents, and talk to your family about your medical preferences and memorial wishes.

Update Your Estate Plan Regularly
Just like technology, your life evolves—and your estate plan should too. We recommend reviewing your documents every three to five years, or after any major life change, such as marriage, divorce, a new child, or a significant investment.

At The Werner Law Firm, we believe estate planning is about more than just documents—it’s about preparing for the future with confidence. Whether you're just getting started or need to update an existing plan, our Frisco estate planning attorneys are here to help you at every stage.

If you have any questions, schedule a free appointment with us through our online appointment page.

You can also read reviews from some of the hundreds of clients we have helped over the years.

Reference: Puget Sound Business Journal (March 17, 2025) “5 essential steps to craft a comprehensive estate plan”