You’re working hard to build wealth for your family, save for retirement, and eventually, to leave a legacy or make a charitable impact. And no matter what stage of life you’re in, there are some general guidelines about estate management and trust considerations that you may find helpful.
For many people, the first thing they think of when they hear the words “estate plan” is a will — and for good reason, as it’s the cornerstone of any estate plan. But do you know what provisions should be included in a will and what are best to leave out? You may want to consider talking with your family to avoid hurt feelings and confusion regarding your will. And before you venture online to draft your will on the cheap, check out this article about the potential downside of doing so. Finally, find out how your will actually needs to appear in order to be legal and reliable.
When it comes to wills, trusts, and estate planning considerations, clear communication is key. Be sure your documents clearly explain your intentions. Plenty of others have made mistakes with their estates — you can benefit and learn from them! Check out these common estate planning mistakes here.
If you’re a business owner or partner, it’s important to consider your business succession plan and buy-sell agreements as part of your estate plans.
Remember to review your estate plan regularly — preferably annually — and think about any life changes that may affect your future plans. Keeping things current will help you in the event of something unexpected happening, and will help you and your family communicate your wishes clearly.
Following all these steps will not guarantee you’ll retire a multi-millionaire and leave a kingdom to your future generations, but they will definitely improve your odds. To secure your family’s financial future, assess your progress at least annually, put away as much as you can, protect your assets by insuring against risk, and create a will and estate documents that ensure your wishes are carried out the way you intend.
Simply put, these steps can help you control the things you can and minimize the impact of the things you can’t.