That’s why we believe it’s critical that estate planning professionals offer a simpler approach when it comes to working with clients.
Not only does it help you, as the client, better understand your estate plan, it also helps your professional team better defend your wishes against challenges, based on you not understanding that to which you agreed.
Here are three easy steps you can take to start planning your estate without becoming initially overwhelmed by the details:
1. There Are Only Two Ways to Give a Gift
This concept is not entirely true but from your perspective, as the client, it will help you make the necessary decisions without getting bogged down by the numerous techniques.
When transferring wealth and assets, there are only two options for gifting them in your estate: an absolute gift or a trust.
An absolute gift means that the beneficiary can do whatever they want with the asset. They can invest it, spend it, share it, sell it, or even give it away.
A trust, on the other hand, allows you to create stipulations around the asset. If at any point in time you use the term “but” when describing the gift, you are indicating that you need a trust.
2. Decisions Can Be Based On Three Key Scenarios
Another way to streamline the estate planning process is to break down your flow of decisions using key scenarios.
As you can see, by focusing on these three scenarios, it is easier to make the necessary decisions while avoiding the confusion of considering multiple “what if’s” all at once.
3. Focus On 6 Factors When Creating a Monetary Trust
Similar to the above decisions, monetary trust planning can be broken down into a set of key elements.
These steps are not all encompassing, but are instead a simplified introduction to estate planning that will help get you thinking about the future.
Your estate planning professional should ultimately be the one who guides you through the process, in a way that is easy to understand.
At MacMillan Estate Planning, it is our goal to make comprehensive estate planning uncomplicated and easy.
If you have any questions, or would like to work with us, please feel free to register for a complimentary consultation.