Estate Planning
WHERE TO START? Start with the basics, and your goals
The basics of an estate plan include:
- Medical power of attorney
- Financial power of attorney
- Living will
- Disposition of last remains
- Will
From there, define your goals.
In preparing your estate plan, you must first decide what your goals are for your plan. You should also have an idea of what goals are the most important to you. Your goals may include:
- simplicity in passing your assets at your death
- tax mitigation
- ease of administration of your estate during times of your incapacity
- specific planning for special beneficiaries, such as those with special needs
- preservation of your values for subsequent generations
- preservation and succession of family businesses
- protecting minor children
- protecting adult children from themselves and potential creditors, including spouses
- avoidance of probate
- privacy
“The vision must be followed by the venture. It is not enough to stare up the steps; you must step up the stairs!”