Of course, all these things can be addressed in a good financial plan. But when planners begin throwing around terms like credit shelter trusts, revocable trusts, universal and term life insurance, annuities and such, most people fog over and don't want to face it. It can be confusing. But people don't realize what they can do to benefit their survivors. Long probates and expense court costs don't have to happen.
People spend more time planning their vacations than they do planning for the future.
There are several steps to making sure an estate plan is accurate. Heatherly requires even those just wanting a simple will to gather all records of assets and liabilities, insurance policies and information about employee benefit plans. Even an analysis of the forms of ownership is needed, Stevens said. After a complete financial picture is drawn, goals must be set. Goals can reduce taxes, guarantee specific amounts to heirs or charities or protect family members with special needs.