Step1.Make a list of the assets that you own/ Write Down everything you own

you must determine not only what you own, but how it is owned –in your own name, your spouse’s name, or jointly with right of survivorship.

Step2.Make a list of your estate planning goals and objectives/ Make a Wish List

Determine your planning goals for yourself and your family. Consider the needs of your spouse, your children, your parents, and others who are dependent upon you for care. List your personal goals, such as providing for healthcare, retirement care, or even vacation travel.

Step3.Quantify the costs of reaching your goals and objectives

Sometimes it is difficult to place a monetary value on a particular goal. In these cases, you may need to see a financial planner for help in developing those figures.

Step4.Go to your estate planning LAWYER to draft a will

Take the lists of your assets and goals with you.  Make a list of all the “decisions” you need to make – either alone or with the help of your spouse or other loved one. Who will serve as executor of your will? Who will serve as guardian in the event that something happens to you while your children are still minors? Which children need trusts? Who will serve as trustee of those trusts? Once decisions are made, ask your planner for help in incorporating them into your estate plan.

Step5.Give a family member or friend a durable power of attorney

A durable power of attorney is a document given to a close family member or friend that allows them to conduct business in your name in the event that you are disabled, injured or incapacitated. You may give your attorney-in-fact full authority to act for you in all circumstances, or you may limit the authority he or she has to act only in certain situations, only with respect to certain assets, or only for a limited period of time.

Step6.Choose Guardians and/or Conservators for Your Loved Ones

If you have young children, you will want to name or nominate someone in your will to act as their guardian and/or conservator. A guardian's duty typically involves taking care of the person, while a Conservator's duty is to take care of the person's property and business affairs. Depending on your personal preferences, these may be the same individual.

Step7.Consider a living will

A living will is a document that instructs health care providers to withdraw or withhold artificial life support( in India it is not legal ) under certain conditions in accordance with your wishes.

Step8.Review your estate plan on a regular basis

Estate plans are writte.n to reflect the laws in place at the time of the writing, and your personal goals and objectives at the time of the writing. Things change. Tax laws may change offering new opportunities to defer or avoid tax, or your family structure maychange, such as a birth, marriage, or death in the family.