Some people think that all they need is one or two documents in their estate plan, maybe a Will and a life insurance policy. However, most people are better served by taking a more holistic approach. That is an approach that looks at the entire portfolio of the person’s assets and devises an estate plan that protects and preserves those assets for their intended heirs.
The biggest problem with the simple approach is that may actually cost the intended heirs more money than the deceased thought it would. For large estates, the estate tax should always be a concern. However, even small estates will want to keep other taxes in mind. Other issues can arise for other people. If one of the people you want to leave assets to has a lot of debt, it’s possible that the inheritance will wind up in the hands of creditors. Everyone should worry about possible Probate costs if all they have in their estate plan is a Will.
An experienced estate planning attorney can look at your assets and devise a plan that takes everything into consideration. Using a holistic approach, the attorney will craft your plan so the assets that you intend to leave to your loved ones go to them after you pass away.
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