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Anyone who wants their assets to be transferred to one or more surviving loved ones after they pass away should consider establishing a formal estate plan. This important set of legal documents can make it easier for your family to ensure that your wishes and needs are met if you're unable to speak for yourself.

Most people can, in fact, create most important estate planning documents on their own, as long as they have reliable, clear instructions. (After all, you wouldn't start refinishing that table without some instructions--don't write your own will until you know what you're doing.)

An effective estate plan includes tax effective Wills to protect your estate and the interests of your beneficiaries in the event of your death. Jointly held assets, trust assets and superannuation however, are not necessarily dealt with by the terms of the Will.

To many, will planning and estate planning are one and the same. ... Both provide your relatives with instructions about how your property should be handled after your death, but estate planning goes even further to outline your wishes regarding your health, finances, and more, even while you're living.

Setting up a will is one of the most important parts of planning for your death. Drafting the will yourself is less costly and may put you out about $150 or less. Depending on your situation, expect to pay anywhere between $300 and $1,000 to hire a lawyer for your will.

Step 1: Sign a will. Photo: Mark Wragg. ... Step 2: Name beneficiaries. ... Step 3: Dodge estate taxes. ... Step 4: Leave a letter. ... Step 5: Draw up a durable power of attorney. ... Step 6: Create an advance health care directive. ... Step 7: Organize your digital and paper files.

The answer may surprise you. Most people can, in fact, create most important estate planning documents on their own, as long as they have reliable, clear instructions. (After all, you wouldn't start refinishing that table without some instructions--don't write your own will until you know what you're doing.)

Make a will. ... Consider a trust. ... Make health care directives. ... Make a financial power of attorney. ... Protect your children's property. ... File beneficiary forms. ... Consider life insurance. ... Understand estate taxes.

To many, will planning and estate planning are one and the same. ... Both provide your relatives with instructions about how your property should be handled after your death, but estate planning goes even further to outline your wishes regarding your health, finances, and more, even while you're living.

Anyone who wants their assets to be transferred to one or more surviving loved ones after they pass away should consider establishing a formal estate plan. This important set of legal documents can make it easier for your family to ensure that your wishes and needs are met if you're unable to speak for yourself.