Everyone has different objectives when starting the estate planning process. For many, though, some common objectives often include:
- Providing for lifetime financial security
- Providing for the management of assets
- Creating the liquidity to fund tax, debt and administrative needs
- Minimizing estate and gift taxes
- Minimizing assets being transferred to children or others
- Providing for family members and protecting those with special situations
- Gaining peace of mind that all these items area in place before any sort of disability or other issues make it too late to act
Proper estate planning also includes financial planning. Financial planners, accountants, and insurance agents can help identify other estate planning issues not addressed in this article.
TIP: There is no single estate planning "checklist" that will work for everyone! Each person is unique... and requires a personalized approach to create an effective estate plan.