Anyone who has been successful in business knows that you need to set goals and work toward achieving them, both short term and long term. This is also true in the realm of estate planning, because you have to identify what you would like to accomplish with your estate early on to work toward making your intentions a reality. Estate goals are a personal matter, and there are those who concur with the “I’m busy spending my kids’ inheritance” approach. But there are others who care a great deal about providing for their loved ones upon their passing, and this can take intelligent planning that guides your decision making along the way.
After setting your initial estate goals it is always a good idea to revisit your plan as life events come along that can have an impact on your wishes. When your children get married, and grandchildren appear, it can change the way you look at your estate. Depending on your means, it can take careful planning and financial discipline to facilitate your ability to meet your goals. Something as simple as restructuring your budget ever so slightly for perhaps a ten year period could make a big difference, but you have to recognize the need beforehand.
Of course, estate planning is something that can be first addressed after your working days are over and your assets are in place. Some people are perfectly capable of providing for their heirs in the manner that they would like to without planning ahead. Others, however, may need to identify their estate goals, formulate a plan, and actualize it over a significant period of time.
Many of us would like nothing more that to provide some advantages to our loved ones after we are gone, and most of us can make this intention a reality with some advanced planning and financial discipline.