Direction 1: Choose your destination. Each of us has our own desires and needs. Whether you want to ensure your adult children share equally from your estate or you want to leave a lot of property to charity, only you can determine what it is you want your plan to accomplish. Sit down, think about what you want and write your goals down. Don’t try to edit yourself at first, just write down your goals as they come to you.
Direction 2: Draw your map. Once you’ve got your destination, it’s time to figure out how to get there. This probably requires you to talk to your estate planning attorney so he or she can tell you what your options are. Once you make your choices, you’ll have specific waypoints you can use to reach your goals.
Direction 3: Hit the road. Now that you’ve got your roadmap, it’s time to get going. Each element of your plan requires you to take specific steps. Some of these steps your attorney can do for you, but you’ll have to approve of them and review any documents or sign them as required. If there are any steps you don’t understand or are confused about, make sure you speak up and ask questions.
Direction 4: Make it a regular trip. Your estate plan requires regular updates and revisions, so don’t just plan on making the trip once. Fortunately, once you make the effort and get your plan established, you only have to review it periodically.
- How Estate Planning for a Family May Trap the Unwary Practitioner - August 31, 2022
- State Income Taxation of Social Security Benefits - August 24, 2022
- Understanding Tax Apportionment Clauses - August 17, 2022
