Everyone deserves peace of mind.

1. Peace of Mind
Life is unpredictable. We have all heard, “Prepare for the worst but hope for the best.” The whole purpose of an estate plan is to have a plan. It can always be changed, but now is the time to get a plan in place for your peace of mind.

2. Children
A good estate plan will name guardians for minor children and make provisions for children with special needs. I have eight children and, although sometimes they try my patience, they will always be a part of my life. I want to ensure they are taken care of. A good estate plan will make provisions for your children – which could even mean excluding them.

3. Privacy
A good estate plan should keep your affairs private by using techniques to keep your affairs out of the courts. To do this, it is generally good to avoid involving the courts. A good estate plan will use techniques to keep your affairs out of the courts. Not only will this save on court costs, but it will also provide your heirs with privacy.

4. Protect Beneficiaries
An estate plan can provide protection to your beneficiaries, sometimes from themselves and other times from creditors. You have flexibility as to when beneficiaries (young or old) have access to your estate. This flexibility can provide creditor protection for beneficiaries, allow beneficiaries to continue to qualify for certain benefits and safeguard your plan to ensure it is followed.

5. Death
Unfortunately, even the best estate plan cannot prevent death. Death is going to happen, and it will never be easy for anyone. The unexpected death of our daughter at age 13 will always be with me. I miss her and her death is a part of who I am. An estate plan will not bring her back, but planning made it so we didn’t need to worry about certain things after her death. Good planning can help alleviate a portion of the sting of death for your beneficiaries.

6. Taxes
Benjamin Franklin is credited with the phrase, “Nothing is certain except death and taxes.” A good estate plan should always consider the tax implications of the plan. It will consider both the estate tax and income tax consequences of the plan’s provisions and will be drafted to use available techniques to reduce the tax burden.

7. Life Planning
A good estate plan will not only plan for death and taxes, but most importantly will include life planning for you. The plan should make provisions in the event you are unable to make your own decisions, and it should make your health care decisions known regarding life support. The plan will name a trusted person to make financial and health care decisions for you. A good estate plan should protect you!

8. Reduce Conflict
Death, taxes, and incapacity are all stressful events. An estate plan will help reduce conflict between your beneficiaries during these times. A good estate plan will not only outline your intentions for your estate, but also include provisions to reduce conflict. The naming of a trusted fiduciary is a very important decision for conflict reduction, but other provisions can be added to reduce potential conflict.

9. Your Choice
Whether you like your plan or not, you already have an estate plan. There are laws in place that outline what will happen to your assets upon your death should you not provide a different plan. The default rules may work in your case, but wouldn’t you rather make the decisions? A good estate plan will outline your wishes and ensure your desires are met.

10. Road Map
The goal of an estate plan is to have a plan in place for your loved ones to follow. By encompassing your objectives and goals, an estate plan should serve as a road map as to how you would want things to proceed under certain situations. The estate plan helps guide your loved ones just like a road map.