Every person has different objectives for estate planning

Nobody knows what will happen from one minute to the next in life. Life is unpredictable and cannot be totally planned. However, everybody dreams of a long and fulfilling life. Many people in Missouri want their future to be better than their present and they work hard to achieve their goals. Numerous people take one goal at a time and save money and other assets for themselves and for their heirs. Since each person has a different plan for their property and assets, their estate planning is also different from other people's estate plans.

Many people want to ensure that their heirs and loved ones benefit from the estate that they have carefully created. Couples want to ensure that their disability or absence does not stop them from caring for their children, surviving spouse, pets and other family members.

Although providing for loved ones is the main objective, many people want to minimize taxes also. They try to minimize their assets and maximize the amount of property and assets their loved ones inherit -- this also helps when it comes to saving their property from taxes. Also, estate planning helps the person to save the property from former spouses and creditors.

Estate planning also allows the person to maintain control over their property and assets for the maximum time possible. The person can include advance health care directives so that the person's wishes are followed, even when the person may be incapacitated.

While many people would prefer a simple and cheap option to pass on their property to their loved ones, it is not advisable. All estate planning requires correct documentation as it may lead to unnecessary lawsuits from ex-spouses or creditors. Also, the estate plan should be well written so that the wishes of the person are incorporated.

The person should decide on an asset management plan. Estate administration is an important part of estate planning; the person should decide on a plan carefully so that the person's wishes are carried out.

Source: Forbes, "Eight Common Estate Planning Objectives Of Married Couples," Lewis Saret, May 13, 2014

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