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A process to follow
There is a process that we believe can potentially increase your chances of ending up with an estate plan that satisfies both technical and human aspects and reflects your latest thinking on your needs and goals.
1. Start with the end in mind. Start by thinking through what you want to have happen- the outcomes you ideally want to see occur. For each possibility, you’ ll need to specify what happens to your assets. You’ ll also need to decide who is in control at different points in time, making decisions such as when your children will have control of the assets.
2. Determine your desired results. Share your desired results in each scenario with an estate planner you find to be highly capable. They should be able to come up with ways to enable you to best achieve your preferred results.
3. Make a decision. Based on input and insights from the estate planner, choose a course of action.
4. Implement the plan. Once you have made a decision, the estate planner will formalize everything and create the estate plan.
Important: Don’ t ignore your plan once it’ s done. Revisiting an estate plan every few years should be part of your agenda. It’ s
best to think about your exceptional estate plan as being a perpetual work in progress.
If you have any doubts about whether your estate plan is likely to achieve your wishes, consider having a wealth manager review the plan and your particular situation to answer two questions: Is the plan likely to deliver the outcomes you currently want? Is the plan missing anything that can make it more effective or efficient?
Estate planning should be a part of ensuring the outcomes you want in your financial life and the lives of the people you care about most. What’ s more, your existing estate plan needs to be reexamined every so often and revised if necessary.
To better understand if there are gaps or opportunities to improve your estate plan, our team offers a complimentary service, the Second Opinion Service, a 360-degree review of your dealership and personal financial situation, which includes a review of your wealth transfer and estate planning strategies.
Anthony Nasca is a certified exit planning advisor and financial advisor and Brad Stanek is an executive director and financial advisor, both with the Stanek-Haack Group at Morgan Stanley in Chicago.
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