This type of information is available through various publications and national organizations. They will need to prepare an updated financial statement, as well as a family profile that outlines their particular estate planning needs. For example, if parents' assets include a family-owned business, they need to consider whether the business will be passed on to heirs or be sold. If the business is to be inherited by children in the family, the estate planner must find a way to pass the business on to the designated heirs without its assets being depleted by estate or inheritance taxes. If it is to be sold, sales arrangements should be made as part of the estate planning process.
Many families face the common estate planning problem of liquidity.
In addition, if parents hope to set aside funds for the care of a child with disabilities, they need to think about where these funds will come from. Once these preliminary steps have been completed, parents can begin drawing up a will. The executor is the person charged with making sure the will's provisions are carried out. The executor must gather the assets, pay the liabilities, file tax returns and fund any trusts. Typically, the executor will be a family member or close friend.