Take Your Time When Planning Your Estate

31 Aug Take Your Time When Planning Your Estate

When people think of estate planning, they usually think about a will. A basic will names your beneficiaries and the assets they will receive. It can be a very simple document that is completed in a short period of time.

But while that basic will may satisfy the legal requirements, it will likely leave gaps. There may be a better way to transfer your assets to your beneficiaries, a method that saves money or time and helps you identify all the pieces of your estate. Following a process to set up an estate plan, on the other hand, encompasses much more.

Among other things, following the process for creating an estate plan will:

• Tailor the plan to your needs and wishes. No estate plan should be identical to any other. Your plan will reflect your own personal priorities and choices, as well as the specific assets you have to pass along.
• Prevent errors. When you take the time to plan out your estate, you can be more thorough. This means you won’t forget any assets or heirs, including friends or even descendents of beneficiaries that are no longer living. You also won’t bequeath something you no longer have to pass along.
• Anticipate and address issues. A proper estate plan will include powers of attorney for personal and medical choices, which means your wishes are already known if you are no longer capable of making your own decisions. It also means you have a guardian appointed for your minor children or trustees to manage the money for your beneficiaries who aren’t ready to manage the money themselves.
• Prevent costs and delays in administration. Taking the time to select a responsible executor who is prepared for the task helps tremendously. In addition, planning ahead allows you to minimize taxes and other fees.
• Ensure that one is insured where needed. A life insurance policy can solve a variety of estate planning problems, from protecting assets to covering taxes to making charitable donations.
• Uncover issues and opportunities. Planning out your estate carefully takes the stress and pressure off. When given time to consider the options, you can see the potential problems and resolve them before your will needs to be used. In addition, you may come up with an out-of-the-box possibility that could suit your circumstance better.
• Encourage family harmony and discourage conflict. Tell your beneficiaries what they should expect. Then, when the time comes, everyone knows what they should expect to receive and who is responsible. In the best circumstances, there will be an equal or fair distribution of assets. But even if this is not the case, a plan that is well thought out doesn’t have to lead to a family feud if the right pieces are in place.

Take your time. Follow the formal estate plan process. Work with an expert who has experience with the process. That’s the best way to be sure you won’t miss anything.

To learn more about preparing your estate, contact us.

Joel Rose

With over 35 years of experience, Joel Rose helps families – and their businesses – to prepare for the future. He offers guidance and support to help his clients create estate plans and succession plans that meet the needs of the whole family. Through his extensive professional and personal experience, Joel is known for his compassion and his ability to find a creative solution to meet each family’s needs.