Do You Understand Today’s Estate Planning?
July 18, 2016 – Kimberly Hegwood

Cincinnati.com’s May 27, 2016 post, “Getting started is the first step in estate planning,” points out that a definition for estate planning is “the creation, preservation, and maximization of assets for the future.” This now includes a lifetime component, known as “financial planning,” and a component that concerns the planning for the orderly preservation of assets after death and their distribution.
You may have started to do some estate planning with the purchase of life insurance, which is creating an asset—a death benefit—and planning for its distribution through a beneficiary designation. It’s the same when you name a beneficiary for a qualified retirement plan.
But how do you get started in the process of formal estate planning?
The first step is to find a qualified estate planning lawyer and meet him or her for an initial interview.
You can find a qualified estate planning attorney by asking friends and associates for a recommendation. This is the start of your estate planning team. He or she will consult with your other advisors to create the best possible options for achieving the planning goals that you’ve established with their assistance.
Some folks’ estate planning consists of a simple will, but for others, it may include a will, trusts, new life insurance, powers of attorney, a living will, and other legal instruments. Once you have these documents executed, you need to review them periodically with your lawyer because circumstances, affections, and family dynamics change. Your estate planning documents will in many cases need to be changed and updated accordingly.
Here are a few other reminders:
- Your planning should coordinate your insurance policies with the provisions of your will to be sure that your goals are achieved;
- Designate in your will specifics as to how you want your property distributed and who you want to serve as the guardian of your underage children. Without a will, the state decides these important issues; and finally,
- Resist the temptation to go online and write your own legal documents. Estate planning attorneys are trained to make certain that no mistakes are made, no laws are ignored, and no invalid provisions are included. Errors or confusion can make for messy, lengthy, and expensive contests of the will in court.
- Be proactive about your estate planning. To choose for yourself who takes care of your children or who gets your assets after you have passed, you must have a valid will.
Reference: Cincinnati.com (May 27, 2016) “Getting started is the first step in estate planning”
#Guardianship #EstatePlanningLawyer #LivingWill #PowerofAttorney #Wills #Trusts
Ask a Question, Describe Your Situation,
& Request a Strategy Session
Contact Us, & We’ll Guide You Through Your Next Steps!
Required Fields*
Your Information Is Safe With Us
We respect your privacy. The information you provide will be used to answer your question or to schedule an appointment if requested.
Related Blog Posts

Kimberly Hegwood
Important Steps to Complete a Medicaid Application
For years, Medicaid has been helping countless people get the…

Kimberly Hegwood
West Virginia Hoping to Keep Medicaid Going
Doris Selko knows the budget is tight. She’s the Southern…

Kimberly Hegwood
The Inextricable Link Between Long-Term Planning and Freedom
There are many opinions on the keys to success and…