Intestate succession laws generally provide for the distribution of property in accordance with a decedent's wishes. If a person dies intestate and leaves no relatives, the decedent's property will revert to the state. A legally competent person may amend his or her will at any time. The best estate plan is always the one that minimizes taxes. The disposition of a decedent's assets may be predetermined by the form of ownership of each asset.
Inflation makes it necessary to periodically review existing estate plans.
The types of assets that constitute an estate are an important factor in assessing the estate's liquidity. Lack of liquidity may force an estate to sell assets under disadvantageous conditions. A client's failure to deal with the inevitability of death may be an obstacle to the implementation of a proper estate plan. A common reason for procrastination with respect to estate planning is the feeling that the task is too large to accomplish. Fact-finding for estate planning is concerned only with obtaining information about property ownership.