There is no question that estate planning can be overwhelming. Depending on one’s assets as well as what they wish to do with them, the person seeking to create an estate plan may not know where to start. While there are many details that need to be addressed in the course of creating an estate plan the process can be broken in to two parts: defining and designing.
At the defining phase there are several things that must be done. The first is to determine, who will be a beneficiary after you pass away. Along with that, consideration must be given regarding how much they will receive and the circumstances under which the assets can be acquired.
In some situations it is possible that the answers to all these questions will be straightforward. For example the assets could be split equally among family members without any specific constraints. Whether the assets will be collected before of after the death of the individual making the estate plan is also important to set out.
For individuals, who want or need to place a lot of conditions when gifting their assets, the design step will be important. Certain constrains could be necessary in a variety of situations, for example when any of the beneficiaries is a minor. In that particular instance, a trust could be used to preserve the assets for the young person until he or she is old enough to be expected to manage them on their own.
To make sure that the estate plan is handled correctly it is usually advisable to work with an estate planning lawyer.