Guidance to Ensure Your Estate Plan is Current and Sound
A sound estate plan can eliminate many of the problems that have the potential to arise during the settlement of an estate. Moreover, it can help you:
- Ensure that your wishes are honored when you are unable to manage your own affairs
- Communicate your wishes and expectations precisely to your family and heirs
- Provide for your family’s financial security
- Provide capital to meet immediate liquidity needs for settlement costs
- Facilitate the timely distribution of assets by avoiding probate proceedings
- Maximize the estate for transfer by minimizing taxes and expenses
- Ensure that all beneficiaries are named in accordance with the most recent will or avoid publicity by keeping the proceedings out of the public record
- Conserve the estate so later generations can benefit
- Leave a charitable legacy with a gift of assets or a trust
Estate plans can become obsolete if not reviewed periodically. The fact is that not only do tax laws change periodically, so do an individual’s financial situation.
