Top 6

http://www.legendswebdesign.comHere are some very useful tips to help your family when you are gone:

  1. Don’t keep your estate plan a secret. It’s far better if everyone knows what is going to happen ahead of time so that you can deal with questions or concerns now.
  2. Decide on what “descendant” means to you. Maybe one of your children has a stepchild you consider your grandchild, and the other has children but never married. Expanding or contracting the definition of child will ensure your estate goes where you want it to.
  3. Minimize the number of executors. The more you have, the more opportunity for conflict. Also, choose an executor who is best suited to the role; don’t choose someone just so that they are not left out.
  4. In trusts, set broad rules and allow for flexibility. Encroachments for education are good; encroachments for culinary school are not. What if your child wants to be an engineer?
  5. Separate your executor from the guardian of your children. The person asking for money should not be the same as the person giving it.
  6. Take time for review. I tell my clients to look at their wills every 3-5 years and do a complete overhaul every 10. Nothing stays the same, and your estate plan should keep pace.

A careful estate plan can lead to a smooth estate administration. Losing a loved one is never easy; don’t make it harder.