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A proper estate plan is
something very personal. No two plans will be exactly the
same. A proper estate plan should be focused on your goals,
ambitions, and hopes. Although each person’s understanding and
definition of estate planning is different, most people would agree
certain common elements should be included. Proper estate planning should
provide us peace of mind while we are alive and should provide efficient
transfer of assets when we are gone. If you’ve been to one of my
seminars this is how I usually define estate planning:
I want to be in
control of my estate as long as I am able. If I become unable to manage my
estate, I want to be the one who designates the person to manage my estate
for me, without court intervention. Following my death, I want things to
be as easy on my loved ones as possible. I want my estate to pass to the
people and organizations that I designate, in the way I want—how I want
and when I want. I want a smooth administration of my estate, and,
finally, I want there to be an absolute minimum of conflict, delays,
estate taxes, court costs and attorneys fees.
This definition of
proper estate planning encompasses at least five important features:
- CONTROL
- DISABILITY
PROTECTION
- PROPER
DISTRIBUTION
- SAVES COSTS
- EFFICIENT
Some features may be of greater
importance to each client. These features need to be woven into a
personalized plan that some might visualize as an estate planning pyramid: |
