Do you have goals for your estate plan? It's different for everyone, but figuring out your goals is a great place to start. When you know what you want that estate plan to do, you can start working with that in mind, and you can learn about all of the options that will get you to that desired outcome.
- They want to reduce the amount of taxes that have to get paid on the estate. This means that more of their money can go to their loved ones and heirs.
- They want to keep the estate out of probate. They know that this can be a long and complicated process for their heirs, and they have no intention of putting them through that.
- They want to avoid family disputes and fights that can arise when there is no estate plan and heirs can't agree on what to do.
- They want to protect the assets that they control. For instance, they may worry about losing them in a lawsuit.
- They want to protect their heirs from various issues that may arise. For instance, maybe their heirs are minors, and they want to put the money aside so that it can get used for a specific purpose, like paying college tuition.
No matter what you want to accomplish with your estate plan, it is important to put one in place. An experienced attorney can help you explore all of the options you have.