Estate Planning: Think with Your Head Instead of Your Heart

January 9, 2015 // Bucket Strategy Investing

The process of creating an estate plan is filled with emotion-laden decisions. It’s centered on life-and-death issues with personal property and financial assets mixed in. The problem with such an emotion-laden process is that too often irrational thoughts can lead to bad decisions, defeating your efforts towards reaching your estate planning goals. A wrong move can wind up costing you both time and money.

Thinking with your head instead of your heart is crucial when estate planning, which is why the best course of action usually involves an unbiased third party—someone who can ask the tough questions and remain objective when goals and desires clash with reality.

Proper estate planning can help ensure that your money and personal assets go where you want them to go and keep state law out of the decision-making process. To do this properly, you must first figure out what assets you have and how much you’d like to pass on to your heirs. Next, you will need to set up a plan that takes into account things like probate and estate taxes. This is where the help of an estate planning professional comes into play.

A good estate plan will also include provisions for a myriad of other issues that may be applicable to your situation, such as inheritances, legacy planning, choosing an executor, spousal considerations, minor children, living trusts, wills, gifting, charitable contributions, or insurance (just to name a few). Further, under each of these categories are a number of different subcategories that may or may not come into play (depending upon your individual situation). Even if your estate is small and you have few assets or no heirs, you may still want to consult with an estate planning professional just to make sure whatever assets you do leave behind are left to the people or organizations you want receiving them.

To have your estate plan reviewed by a professional, contact the advisors at Lucia Capital Group. We can analyze your assets and goals, answer any questions you may have, and help you to integrate your estate plan with your Bucket Strategy.

Information presented should not be considered specific tax, legal, or investment advice. You should always seek counsel of the appropriate advisor, prior to making any investment decision. All investments are subject to risk, including the loss of principal. The opinions expressed in this content are subject to change without notice and may not come to pass.

Speak with an Advisor