The First Step in Estate Planning

When people think about estate planning, they often picture a stack of legal documents or assume it’s only necessary for the wealthy. But the real starting point is much simpler — and more personal. Before you think about a will or trust, the first step is understanding your current situation: what you own, who you love, and what you want to happen in the future. At Keating Law, PLC, we encourage every client to begin with an honest look at their life. That means creating a clear picture of your assets, gathering key documents, and identifying the people who matter most to you.

Take Stock: Listing Your Assets and Accounts

The foundation of a good estate plan is knowing what’s in your estate. That doesn’t mean you need a large portfolio or multiple properties. It simply means taking time to list what you have — financial or otherwise.

Start by writing down:

• Bank and savings accounts

• Retirement accounts and pensions

• Life insurance policies

• Real estate (your home, rental property, or land)

• Vehicles

• Investments (stocks, bonds, or mutual funds)

• Personal valuables (jewelry, collectibles, family heirlooms)

• Digital assets, such as online accounts, subscription services, or crypto wallets

Even if some of these items seem minor, they add up. A clear list helps you make thoughtful decisions later, and it gives your family peace of mind down the road. You don’t need to assign values to everything at this stage — just aim for a complete picture of what you own.

Know Your People: Identifying Loved Ones and Beneficiaries

The next step is considering the people in your life. Estate planning isn’t just about finances — it’s about care, connection, and making sure your wishes are carried out with respect.

Think about:

• Who you would want to receive certain assets

• Who depends on you, financially or emotionally

• Whether you want to include charities, close friends, or extended family

• If any loved ones have special needs or unique circumstances

It’s okay if you’re unsure right now. These are decisions that evolve over time. But having a general idea helps when it comes time to choose your beneficiaries, name guardians for children, or assign powers of attorney.

Gather Your Documents: What to Collect Before You Meet With Us

To help move the planning process forward, it’s helpful to gather important paperwork ahead of time. You don’t need to have everything in perfect order — we can help fill in the gaps — but here are a few things to collect if you can:

• Property deeds or mortgage documents

• Recent bank or investment account statements

• Life insurance policies

• Marriage, divorce, or birth certificates

• Any previous wills, trusts, or estate plans

Having these items on hand makes our first meeting more productive. It allows us to focus on your goals instead of chasing down paperwork. If you're not sure whether a document is important, bring it anyway — better to have too much than too little.

Addressing a Common Misconception: “I Don’t Have Enough to Need a Will”

Many people put off estate planning because they think it’s only for the wealthy. But that’s just not true. If you have a bank account, a car, or personal belongings — and someone you care about — then you have a reason to plan. A will can help make sure your property goes where you want it to. It also reduces stress for your loved ones, giving them clarity during a difficult time.

Estate planning is less about the size of your estate and more about the impact you want to have.

Contact an Experienced Macomb and Wayne County, MI, Estate Planning Attorney