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The idea of estate planning can seem overwhelming, but much like the engineering design process, a structured approach can make it more manageable and effective. Just as engineers and technologists follow key stages—research, conceptualization, feasibility assessment, establishing requirements, preliminary and detailed design, production planning, and execution—you can apply a similar framework to your estate plan. By following these steps, you’ll gain the peace of mind that comes with knowing your wishes are clearly defined and actionable.

Step 1: Research – Take Inventory of What You Own

• Begin with thorough research; your first step is to assess what you own. Make a detailed list of all your assets, including real estate, investments, bank accounts, and retirement funds, along with their approximate value. Be sure to include account numbers, deeds, and other pertinent details. This foundational step ensures you have a clear picture of your estate before moving forward.

Step 2: Conceptualization – Define Your Goals

• Set clear project objectives before diving into design. Similarly, define what you want your estate plan to achieve. Who should benefit from your assets? How do you wish to distribute them? Do you have dependents with special needs? Would you like to support a philanthropic cause, such as the IEEE Foundation? Consider various scenarios, including what should happen if you and your spouse pass away simultaneously. An attorney can help refine your plan, but having a preliminary vision will provide a solid starting point.

Step 3: Feasibility Assessment – Consider Tangible Personal Property

• Assess the feasibility of your plan. Review how to distribute your tangible personal property—items such as jewelry, furniture, and collectibles. Instead of listing these in your will, consider maintaining a separate document that can be updated over time. This offers flexibility in case your preferences change.

Step 4: Establish Design Requirements – Account for Digital Assets

• In modern engineering, digital components are crucial to a functional system. Estate planning is no different. Make a list of your digital assets—including online financial accounts, social media profiles, and cloud storage—along with login credentials. This ensures your executor or a trusted individual can manage or close accounts as needed, preventing potential security risks and confusion.

Step 5: Preliminary Design – Choose Key Decision-Makers

• Choosing responsible individuals to execute your estate plan is critical. Identify your executor, trustee, and power of attorney. These individuals will be responsible for carrying out your wishes, so select people you trust and ensure they understand their roles.

Step 6: Detailed Design – Consult an Estate Planning Attorney

• With a clear framework in place, it’s time to refine the details with a professional. Engineers and technologists rely on subject matter experts to finalize designs, and you should do the same by consulting an estate planning attorney. If you don’t have one, seek recommendations from family, friends, colleagues, or IEEE members. A professional will ensure your documents align with legal requirements and your specific needs.

Step 7: Production Planning – Implement the Plan

• Create your roadmap for production. Take action on all agreed-upon steps in your estate plan. This may include signing your will, establishing trusts, and designating beneficiaries. By methodically following through, you can ensure your plan is legally sound and aligned with your intentions.

Step 8: Execution and Communication – Share Your Plan

• Even the most well-designed system fails if key stakeholders don’t understand it. Ensure that trusted individuals—such as your executor, trustee, and/or family members—know where to find essential documents when the time comes. Open communication can prevent misunderstandings and ensure a seamless transition.

Leave a Lasting Legacy: Support Your Professional Home

As a professional technologist, you have done project planning before. Your estate plan should be no different. As you work through your plan, consider the impact your professional home – IEEE – has made on your career and consider how we may fit into one of these steps. 

One option is to leave a lasting legacy through your estate by including the IEEE Foundation in your plan. Everyone who includes the IEEE Foundation in their estate plan is welcome to join our estate planning donor recognition group, the IEEE Goldsmith Legacy League. If you would like to learn more about how to include the IEEE Foundation in your plan, click here to complete our online interest form or contact Danny DeLiberato, Development Officer, at +1 732.562.5446 or d.deliberato@ieee.org.

This article is intended to provide general gift-planning information. Our organization is not qualified to provide specific legal, tax, or investment advice, and this publication should not be looked to or relied upon as a source for such advice. Consult with your own legal and financial advisors before making any gift.