On behalf of Lang Law Office posted in Long Term Planning on Friday, February 20, 2015.
An estate plan is an important means of protecting both your assets and your heirs as you consider strategies for distributing your holdings after your death. This is especially true if your net worth is high. Each person has unique goals based on family dynamics and specific assets, making it advisable to work with an estate planning professional who is able to provide relevant solutions in light of your needs.
In some cases, it may be important to keep certain of your assets in the family by leaving them to those individuals who are most aligned with your own goals and priorities. However, you may also be concerned about equitably distributing your estate among children to avoid hurt feelings. If you have remarried, you may be concerned about strategies that minimize friction among children and a new spouse. Careful estate planning allows you to handle these issues tactfully so that your interests are protected after your death.
It is also important to consider the structure of your estate plan to accommodate the financial needs of your heirs. As trusts are considered, for example, you may want to ensure that assets left to your children are distributed over time rather than in lump sums to reduce the potential for squandering. You may want to protect your children’s inheritances from debt collectors or former spouses. As these concerns are expressed, they can be incorporated into your estate plan.
Proper construction of estate planning documents is crucial for achieving reliable results, and this begins with ensuring that your plan is as detailed as possible and that it accurately reflects your wishes. It is also important to review your plans periodically to make appropriate adjustments in light of events such as the death of an heir or other major life changes. You are invited to read our complex estate planning page for more information on how we can assist you with these matters.