- Fact Gathering: Two areas are critical in this process:
- Assembling an inventory of assets and liabilities (see your Estate or your Net Worth). This should include the location of such assets/liabilities, their estimated value and ownership type (e.g. joint tenants, tenants by the entirety, corporate ownership).
- Preparing a list of individuals and/or organizations that will receive the property of the estate. For each of these beneficiaries you should include their full names, addresses and relationship to you.
- Analysis: Estimate total value of estate. Identify which assets will be transferred to which beneficiaries and the percentaje you want them to receive. Also which assets are subject to taxation and which are not.
- Formulation: The estate planner will consider all possible arrangements to fulfill your estate goals. The first major decision to make is the nomination of the executor and alternate executor that will administer your estate after your death (common choices include the spouse, and adult child, a family friend or a professional attorney). The next decision is to determine financial/medical guardianship of minor children.
- Implementation: In this stage the drafting and execution of necessary documents are carried-out. This includes: setting up a trust, drawing up a will, purchasing life insurance, transferring property and any other legal/financial items needed (see Estate Planning Elements).
- Periodic Reviews and Adjustments: Once you have a plan, revisit the plan often to make sure any financial and personal changes are taken into consideration.
The sooner you start your Estate Plan, the more time you will have to adjust it to fit the changing circumstances of your life. Call StateTrust, we will work together with you and specialized attorneys and estate planners to provide a customized estate plan that suits your needs and takes into account the most current legal framework and tools available to structure the plan.
Objectives-Estate Planning