Although it might seem like it would be fairly basic, estate planning can actually have many different twists and turns. Even though most people in the Lee County area, and anywhere else, probably have the same basic objectives for their estate plan, most estate plans are actually unique to each individual person’s family situation and needs. That’s why it’s important to have a solid estate plan in place, and why people should take the time to review their plan after they’ve set it up.
When it comes to estate planning it’s a good idea for a person to know what his or her objectives are in order to structure his or her plan the right way. Although each person’s estate plan is different, there are several common themes people have in mind when preparing their plans. First, people want to protect their loved ones financially. Another common objective is to help one’s loved ones pay as little as possible in taxes.
Most people also want to protect their assets for their loved ones and other beneficiaries. Other common objectives include keeping one’s estate plan private, basic and as cheap as possible. Another important objective people have is to protect their minor children, especially those with disabilities.
As you can you see, there are many different aspects of an estate plan and each person will have different objectives depending on his or her situation. Preparing an estate plan is a good idea for anyone but it’s not always easy. That’s why if you are ready to start preparing your estate plan, then you should probably contact an experienced estate-planning attorney for help.
Source: Forbes, “Eight common estate planning objectives of married couples,” Lewis Saret, May 13, 2014.