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Three key components to effective estate planning

On Behalf of | Aug 22, 2019 | wills

Estate planning can be an intricate process. Depending on the circumstances, numerous legal documents may need to be drafted, and the language in key provisions can be critical to their interpretation. Therefore, a lot of care needs to go into the drafting of these documents with three major components in mind: communication, clarity, and customization.

Communication is often key to effective estate planning. Far too often, individuals put off talking about their estate plans with their attorneys and their loved ones. This is the only way to head off unforeseen complications and ensure that loved ones understand your estate planning intentions. Of course, every family is different, so exactly how these matters are handled will vary based on familial dynamics.

Next, clarity is crucial during the estate planning process. A lack of clarity can lead to a whole host of legal issues, sometimes resulting in family members litigating against each other in hopes of controlling certain aspects of an estate. By providing clarity, you can not only ensure that your estate plan will be properly effectuated, but you can also specify why you planned the way you did, typically by utilizing letters of instruction or a letter of wishes. Therefore, strong clarity is key to creating a legally enforceable estate plan and leaving a personal touch for loved ones.

Another major component of estate planning is customization. This may seem obvious, but many people don’t realize the vast amount of control they can have over their assets. They can leave them unequally to loved one’s based on a number of reasons, and contingencies can be placed on the release of those assets. Even charitable endeavors can be funded through effective estate planning. Your estate plan should be as unique as you are as an individual. This will allow your estate to be dispersed exactly how you envision.

There is a lot of work that goes with creating a holistic and effective estate plan, but Arizonans don’t have to go at it alone. Instead, they can work closely with competent legal professionals who know how to utilize communication, clarity, and customization to their clients’ benefit.