Tips for a Sound Estate Plan

The “80/20 Rule” states that 20 percent of what we do now affects 80 percent of what happens in the future. The following will help you focus your estate planning efforts on the critical 20 percent:

Consider the possibilities. Although it is always good to think positively, it is usually better to make sure you and your estate plan are prepared for life’s uncertainties.

Organize your estate. Identify your assets and liabilities. It may be as simple as collecting a few monthly statements, but remember to also include life insurance policies, retirement plan assets, and stocks and bonds.

Locate your potential beneficiaries. Whether you are planning to leave gifts to your family, friends or your favorite charitable organizations, it is best to inform your beneficiaries now, so they know what to expect and can thank you in person. Make sure to consider individuals requiring special care.

Use caution when preparing your will. Many people create their own wills in an effort to cut costs. Your heirs, not you, however, will be the ones who will experience the consequences of a misplaced comma or the oversight of a state requirement. Overall, consulting a qualified estate planning attorney is often the most efficient way to achieve your intended results.

For questions on establishing or updating your estate plan, please consult your professional advisors or please contact Mary Ludwig, Development Director at 712-732-5127, for more information.

The information on this site is not intended as legal, tax or investment advice. For such advice, please consult an attorney, tax professional or investment professional.

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