People have worked a lifetime to accumulate assets. And sometimes their transfer is not so straight forward, or their family dynamic is complex. The first question of estate planning is “what’ve you got?” The second is “what would you like to do with it?” And the third to round out a top-level discussion is “what’s your worst-case scenario?”
Estate planning is the process of creating a customized asset transfer strategy which contemplates all contingencies. Having a sound plan in place ahead of time can provide peace of mind now, and save your loved ones from heartache and aggravation down the road.
There are several commonly implemented estate planning strategies. Determining which one is appropriate for you normally begins with a conversation like the one above.