Step 3.
Develop Objectives
One of the most important steps in doing an estate plan is to determine your objectives. What do you want to accomplish? Your objectives may be very different from those of your neighbors or even from other family members. You and your spouse should do this sheet separately. It's important to remember that your objectives may change as you experience changes in your life.
_____ 1. Provide security for surviving spouse.
_____ 2. Relieve surviving spouse of estate management responsibilities.
_____ 3. Provide security for both spouses after retirement.
_____ 4. Retire at age ____.
_____ 5. Provide security for an incapacitated family member.
_____ 6. Assure continuity of farm, ranch, or other business.
_____ 7. Provide educational opportunities for beneficiaries.
_____ 8. Assist beneficiaries, including in-laws, to get started in business.
_____ 9. Minimize federal and state estate or inheritance taxes.
_____ 10. Name guardians, conservators, or trustees of minor children.
_____ 11. Name a personal representative for the estate.
_____ 12. Provide a means for paying expenses of estate settlement, taxes, and other debts.
_____ 13. Provide equitable (not necessarily equal) treatment of family members.
_____ 14. Transfer specific property to specific people. _____ 15. Make gifts to family members and others during lifetime.
_____ 16. Reduce income taxes by disposing of income property during life.
_____ 17. Transfer property during life by installment sale.
_____ 18. Provide for charitable bequests to favorite charities or organizations.
_____ 19. Minimize probate and settlement costs.
_____ 20. Other, _______________________________________ There are many ways to accomplish your objectives. No one way will be right for everyone. Your objectives will guide you through each step of the estate planning process.
process.
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