Unless you take your heirs' wishes, taxes and interests into consideration in your plans, you could be committing some serious unforced errors with your estate.
If you think Estate Planning is simply the creation of a will or trust, you are missing a large portion of information, and could potentially have assets that do not flow according to the plan you have set up in your will or trust.
The word “estate” conjures images of great wealth, which may be one of the reasons so many people don’t develop estate plans. Afterall, they’re not rich, so why make the effort?
No one marries with the intention of getting divorced, but about half of all marriages in the U.S. will end in divorce. Divorce and second marriages can complicate the process of estate planning and present a number of challenges.
Your obligations to your family or loved ones do not stop, even if you have already passed on. If your family, especially your children, are still heavily dependent on you, you can still provide for them through proper estate planning, even if you are no longer present.