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Preparing an estate plan is personal and highly individualized. You should also prepare it with a knowledgeable team of professionals; your lawyer, accountant, trust officer, financial and insurance advisors.
A sage once said; “planning for the future means considering many possibilities before they occur.” We all know it’s impossible to accurately predict future events. And in the case of estate planning, you are in all respects creating a plan for others at a future point in time. Those others may be your closest family, your children, or business associates.
Whether your total estate is large or small, estate planning can help you preserve your assets, manage money during your lifetime, and facilitate the administration of your affairs after your death.
Furthermore, a well prepared estate planning document can accomplish the following:
Many individuals believe that a will is a sufficient means of estate planning. Having a will is a great first step, but it may be legally insufficient.
Here are some of the basic building blocks of an estate plan:
Finally, your estate plan is never finished and it should be reviewed periodically with the help and guidance of your estate planning team.