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the human element comes into play . While technical expertise is absolutely required , it is the human element , understanding your agenda on a deeper level and then designing a plan around that agenda , that distinguishes exceptional estate planning from merely good estate planning .
That ’ s because today , most estate planning legal strategies and financial products are commonly accessible . So , a big difference among estate plans and planners is the ability to put the pieces together so that you get the results you ’ re seeking .
Clearly then , the estate planner you work with should have a deep understanding of you , your situation , values , goals and concerns . Without that knowledge , the tools themselves ( as good as they may be , technically ) might not get you what you want because they ’ re not appropriate for the job you want done .
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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 whom 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
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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 ?
CONCLUSION 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
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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 .
Brad Stanek , CFP is an executive director and financial advisor with The Stanek-Haack Group at Morgan Stanley in Chicago . His email is brad . stanek @ ms . com . Paulina Matel , CFP is a financial advisor with The Stanek-Haack Group . Her email is Paulina . matel @ ms . com .
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