2: What is a Good Estate Plan?
That depends entirely on your individual needs and desires.
Simply stated, a good estate plan is one that guarantees all your wishes will be faithfully executed, provides you with peace of mind, and ensures that your beneficiaries enjoy the legacy that you worked so hard to build.
Estate plans are not just for older people or for those with significant financial resources. They’re for anybody and everybody.
A good estate plan can:
- Take care of your spouse or partner.
- Provide support for the special needs of your children or grandchildren, especially if they face costly illnesses or disabilities.
- Provide continuing support to those lives you improve through your favorite nonprofit organization.
- Simplify estate administration, time and costs.
- Protect your interests with a comprehensive plan for retirement income, medical needs or wishes, and distribution of assets.
- Provide for the survival and continued success of a family business.
Consider making a gift through your will or trust.
Here's the language you'll need.