How Do I Identify My Estate Planning Goals?
Are you working to develop your estate plan? Estate planning is important. It is also a fundamentally personal process. Your estate plan is your opportunity to achieve your goals. This raises an important question: How do I identify my estate planning objectives? The answer is that you should take time to evaluate your specific family, financial, and health circumstances. Here, our Walpole estate planning attorney highlights key things to help identify your goals.
Key Considerations for Identifying Your Estate Planning Goals
- Determine Who You Want to Name as Beneficiaries/Heirs
A key aspect of estate planning is identifying, selecting, and providing for your beneficiary/heirs. Indeed, one of the first things that you need to do to determine your estate planning goals is to figure out who you want to provide for. It is a best practice to list all of the people, charities, and/or organizations that you wish to benefit from your estate. Among other things, you should assign priorities that reflect your personal wishes and family dynamics. You should also examine your relationships to ensure you name people who align with your values and intentions.
- Consider the Unique Needs of Your Loved Ones
You can better determine your own estate planning goals by carefully evaluating and considering the unique needs of your family, friends, and other close loved ones. As an obvious example, minor children need guardianship arrangements and potential trust provisions. Beyond that, adults with special needs or long-term medical conditions could benefit from specialized trusts that protect benefits eligibility. Further, aging parents may require financial support or housing arrangements. You should stay mindful of each person’s unique circumstances. Estate planning is personal.
- Review Your Specific Financial Situation
You cannot have a full understanding of your estate planning goals until you have a full understanding of your financial situation. The details matter. You should assess your overall finances to determine the optimal way to distribute your assets. As a general matter, this starts by outlining every bank account, investment portfolio, retirement plan, life insurance policy, and business interest. Set realistic goals that match your timeline and personal risk preferences.
- Know Your Health Needs (Incapacity Plan)
Finally, health planning—including incapacity planning—is a big part of overall estate planning. You need to carefully consider your specific circumstances, including any unique health needs. You should prepare for potential medical emergencies or cognitive decline by crafting a clear incapacity plan. In most cases, this means drafting an advance healthcare directive, and naming a trusted loved one(s) as a healthcare proxy.
Speak to an Estate Planning Lawyer in Massachusetts Today
At Fisher Law LLC, our Massachusetts estate planning lawyer has the professional experience that you can rely on. If you have any questions about the estate planning process, please do not hesitate to contact us today. We provide estate planning services in Walpole, Norfolk County, and throughout the surrounding region in the Greater Boston area.
