Estate planning varies substantially between individuals and is influenced greatly by a person’s goals. Each individual also has a unique situation as well as a background to consider. Two individuals with similar kinds of assets are worried about protecting property from future elderly care centers that might sound like they have similar estate plans. If one person is a disabled veteran, while the other has no military service though, estate planning between the two can be substantially different. When it comes to estate planning, countless important estate planning issues should be considered.
# 1 – Decide On Your Estate Planning Goals
Each person should assess his or her goals when deciding on what he or she would like to achieve with an estate plan. If the main goal is to make sure that a spouse inherits assets and can make choices after the individual becomes incapacitated, a plan involving a last will and testament and powers of attorney might be all that is required. If the primary objective of an estate plan is to guard against future liabilities, trust planning might be critical.