What Are The Other Key Components Used In Effective Estate Planning?
A great estate plan takes into account your goals, family dynamics, and resources. An excellent plan also prepares for worst-case scenarios so that if tragedy strikes, it is already figured out ahead of time who will be in charge and what will happen to assets. Planning ahead makes it much easier to respond effectively when things happen and reduces the likelihood that a court will need to become involved in your affairs.
There are many factors to consider when creating an estate plan. Following is a non-exhaustive list of important common considerations:
- What are your goals?
- What do you worry about?
- How well do your children get along?
- Is there anyone in your life whom you think might try to disrupt your estate plan?
- How would you like your assets used after you are gone?
- Whom do you want to receive your assets? In what ways do you envision benefiting those persons?
- Do any beneficiaries have drug or alcohol issues?
- Do any beneficiaries have special needs?
- What kinds of assets do you have?
- What are your assets worth?
- Where are the assets located?
- Are you married?
- Are the assets community property, separate property, or both?
- Are you in a blended family (meaning it is a second or third marriage and both spouses have children from prior relationships)
For more information about Key Components Of An Estate Plan, an initial consultation is your next best step. Get the information and legal answers you are seeking by calling (707) 900-4500 today.
The ideas discussed in this article are for general informational purposes only and should not be construed as legal advice. The reader should consult with an attorney to determine what is in the reader’s own best interest.