Estate planning is a key part of long-term financial planning. The aim is to help you manage and preserve your assets while you are alive, and to conserve and control their distribution after your death according to your goals and objectives. But what estate planning means to you specifically depends on who you are. Your age, health, wealth, lifestyle, stage in life, goals, and many other factors determine your particular estate planning needs. For example, you may have a small estate and may be concerned only that certain people receive particular things. A simple will is probably all you need. Or, you may have a large estate, and minimizing any potential tax liability is your primary goal. Here, you may need to use more sophisticated techniques in your estate plan, such as a trust.
To help you understand what estate planning means to you, the following article by Foresight Group addresses some estate planning needs that are common among a broad group of individuals. Think of these suggestions as simply a point in the right direction, and then speak to us to implement the right plan for you.