Estate Planning Is Not Just About the Legal Documents


It is not enough to just get a pile of legal documents that make up an estate plan. The legal documents themselves are limited if you have not considered what it really means to transfer wealth from one generation to the next and have not planned accordingly.

It does not actually take very much to have an estate plan. A few simple documents, such as a will and a general durable power of attorney, can be considered an estate plan, but a truly effective estate plan is rarely so simple. The best estate plans are carefully considered to optimize the smooth transfer of wealth from one generation to the next. Recently, Forbes discussed what a wealth transfer plan includes in “The Difference Between Having An Estate Plan And A Wealth Transfer Plan.” The highlights include:

  • A good plan facilitates passing on not only wealth but also your goals and sound financial management strategies.
  • Encouraging your heirs to invest wisely and not waste newfound wealth.
  • Do not necessarily just give assets to heirs, but do so with the best legal instrument to preserve that wealth.
  • Let your family know what advisors you trust so that they know who to turn to for advice.

Working with qualified legal counsel can help ensure you do more than just plan your estate for death, but also incorporate wealth transfer planning so your estate lives on after you to the benefit of your heirs and beneficiaries.

Reference: Forbes (July 18, 2016) “The Difference Between Having An Estate Plan And A Wealth Transfer Plan

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