What’s Involved in Estate Planning?

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Involved in Estate Planning

Estate planning begins when you clarify and define your goals. Typically, your estate planning attorney and other advisors will need to gain a deep understanding of your core values and beliefs, and the dynamics of your family.

Some things your advisors might ask include: What is important about planning to you? What do you hope for your children’s and/or grandchildren’s future? What concerns, if any, do you have about the future of your loved ones? What does money mean to you and what is its significance? The answers to such questions can help clarify and define your goals. This, in turn, will form the foundation of your estate plan.

It is possible to incorporate your goals into a Family Vision Statement, which can serve as a blueprint for future living. The Family Vision Statement can reflect your heritage, beliefs, and value. It can help make a good estate plan more than simply a set of instructions to pass an inheritance. It can lend purpose and meaning to a plan. A purposeful plan should be able to enhance the lives of your loved ones. to pursue education by offering monetary rewards for achievement. You can inspire entrepreneurship by creating the opportunity for loved ones to start their own businesses. You can support your charitable causes by making a donation to a favorite charity.

A good estate plan can also incorporate your goals for curbing unwanted behavior. For example, you can discourage behavior such as gambling and drug abuse by limiting or discontinuing access to funds from a trust. The Chicagoland estate planning lawyers at Anthony J. Madonia & Associates can help you create a solid estate plan. Call today for a free consultation.