No one likes to think about death, especially their own. However, death is a certainty for all of us. So even though it might be an uncomfortable subject, it’s still a great idea to prepare for it. No matter what you will leave behind, having a plan is important. Without one, you basically leave everything to chance.
So what does it take to have a successful estate plan?
There are many important aspects to successfully planning your estate. However, it all comes down to two key components that you can’t afford to overlook.
The first thing you need to determine is how you want to divide your estate. That seems obvious, right? Well, you have three basic choices: equally, fairly or equitably. They might sound similar but they are not the same. Equal is not always fair, and vise versa. One option is to use all three choices for different parts of the estate. In any case, this is an important decision that every estate owner must make.
The next step is all about communication. No matter which distribution plan you go with, you need to make it clear, as early as possible. Your family members, or other beneficiaries, need to know what’s coming so they can be ready to receive it. That requires regular communication, and in some instances some education or training on how things will work, and what steps they will need to take.
Yes, the estate planning process is much more involved than that, but those two steps are crucial for an estate plan to go smoothly. Without them, your loved ones could be headed for a rocky road after you die.