Starting Estate Planning in Your 40s

A Complete Guide

Step-by-step: How to Start Estate Planning in your 40s

1. Take Inventory of your Assets and Debts 

2. Identify your Family Situation and Wishes 

3. Establish Core Estate Planning Documents 

4. Update Beneficiary Designations and Title Transfers 

5. Consider Trusts for More Complex Situations

6. Plan for Taxes - Especially New York's Estate Tax "Cliff"

7. Document and Protect Your Digital Assets

1. Take Inventory of Your Assets and Debts: 

Begin by listing everything you own (and owe). This includes: 

• Your home or any real estate 

• Cars and valuable personal items 

• Bank accounts and investments 

• Retirement accounts (401k, IRA, pensions) 

• Life insurance policies 

• Digital assets 

• Business interests, if any 

This step helps you see the "big picture" and guides decisions about how these assets should be managed or distributed. 

2. Identify your Family Situation and Wishes 

3. Establish Core Estate Planning Documents 

• Will 

• Revocable Living Trust 

• Durable Power of Attorney 

• Healthcare Proxy 

• Living Will 

4. Update Beneficiary Designations and Title Transfers 

5. Consider Trusts for More Complex Situations 

6. Plan for Taxes - Especially New York's Estate Tax "Cliff" 

7. Document and Protect Your Digital Assets 

Common Pitfalls Families Should Avoid 

• Procrastination 

• Not updating your plan 

• Neglecting beneficiary designations 

• DIY or generic plans 

• Forgetting digital assets 

• Mishandling business succession 

• Failing to talk with family 

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This document is designed for general information only. The information presented in this document should not be construed to be formal legal or tax advice nor the formation of a lawyer/client.

For further information please contact me at www.kmckernanlaw.com kevin@kmckernan.com or 718-317-5007.