What to Expect When Working with
Estate planning often involves the coordinated efforts of an estate planning team consisting of your attorney, accountant, and financial professional. However, whether establishing a new estate plan or revising an existing one, only you can provide the guidance, direction, and information needed to develop an effective plan. Most estate planning teams begin the process by requesting that you complete a questionnaire and asset inventory. Although this may seem an arduous task, the more comprehensive the information you provide, the more your team will be able to help you achieve your goals.
Although some questions may seem intrusive, each has a specific purpose. When formulating an estate plan, you may be asked to provide any or all of the following information:
Family and Other Beneficiaries
Assets and Liabilities
Objectives and Purposes
Benefits of Estate Planning
Once fully informed, your estate planning team can help you accomplish the following:
No Plan Is Final
Bear in mind that no estate plan is final. Marriages, remarriages, births, deaths, professional changes, and new legislation may necessitate adjusting an existing plan or creating a new one. Also, the composition of your assets may change over time. To keep your estate plan up-to-date, notify your estate planning team of any relevant changes as they occur, and work with them if they alert you to any relevant legislative changes.
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