• Skip to primary navigation
  • Skip to main content
  • Skip to primary sidebar
  • Skip to footer

Wilcox Attorneys, PA

Wilcox Attorneys, PA an Arkansas Estate Planning & Trust Information Center

Northwest Arkansas Estate Planning Attorneys (479) 443-0062

Client Vault
  • Home
  • Our Firm
    • Our Firm
    • About the American Academy
    • Advantages of Working With Our Firm
    • Attorney and Staff Profiles
    • News & Events
    • Speaker Connection
  • services
    • Asset Protection & Business Planning
    • Elder Law & Medicaid Services
    • Estate and Gift Tax Figures
    • Estate Planning Services
    • Family-Owned Businesses & Farms
    • Incapacity Planning
    • Legacy Planning
    • Pet Planning
    • Secure Act
    • Special Needs Planning
    • Trust Administration & Probate
  • Webinars
  • Practice Areas
  • Resources
    • DocuBank
    • Elder Law Reports
    • Estate Planning Resources
      • Estate Planning Articles
      • Estate Planning Checkup
      • Estate Planning Definitions
      • Estate Planning Reports
      • Incapacity Planning Definitions
      • Is Your Estate Plan Outdated?
      • Top 10 Estate and Legacy Planning Techniques
    • Frequently Asked Questions
      • Estate Planning
      • Frequently Asked Questions for Families Without an Estate Plan
      • Incapacity Planning
      • Legacy Wealth Planning
      • Medicaid Planning
      • Pet Planning
      • Probate
      • Trust Administration & Probate
    • Newsletters
    • Pre Consultation Form
    • Trust Administration & Probate Resources
      • Bereavement Resources
      • How to Know if You Need Extra Help With Your Grieving
      • Loss of a Loved One
      • The Mourner’s Bill of Rights
      • Things You Need To Do When a Loved One Passes Away With a Trust
      • Things You Need To Do When a Loved One Passes Away With a Will
      • Trust Administration & Probate Definitions
  • Reviews
    • Our Reviews
    • Review Us
  • Contact Us
  • Blog

5 Essential Estate Planning Rules

March 24, 2016 by Deb Sexton Leave a Comment

This is an article from the Law Office of Michael Robinson, P.C. in Naples, NY that we thought others may find helpful. (https://www.mrobinsonlaw.com/)

While estate planning can seem like an incredibly complicated and difficult subject, it’s easier to understand it if you keep a few simple rules in mind. When you create an estate plan you won’t be required to have a vast and comprehensive understanding of the field. All you have to do is leave it up to your attorney to explain what options are available to you, and do so in a way that allows you to make the best decisions possible. To help keep you focused on creating the best plan you can, you should try to keep the following five rules in mind.

Estate Planning Rule 1. Focus on simple goals.

The most effective estate plans are those that you can understand and use effectively. If you are just getting started, trying to create a plan that is too complicated might be counterproductive. A simple plan is often an effective plan because you can use and understand it easily.

Estate Planning Rule 2. Be ready to change.

There is no such thing as a “perfect” estate plan. Instead, there are plans that fit your current needs, choices, and desires. However, the choices you make now may not be best for you in the future. Whether the law changes, your needs change, or you simply have a change of heart, you need to be ready to update and modify your plan when necessary.

thEstate Planning Rule 3. Have a good understanding of your financial situation.

Many of the issues you will face while you create an estate plan revolve around future finances. This will require you to have a good understanding of what your current financial situation is. If you haven’t already done so, developing a net worth statement, inventory of assets, or even a simple list of assets and debts can be a great help.

Estate Planning Rule 4. Make your wishes known.

When you make decisions about the inheritances you want to leave behind, the kinds of medical choices you might want made on your behalf, or other essential estate planning topics, letting your close family members and loved ones know what your decisions are is often very important. Estate planning conflicts can easily arise because people fail to announce their wishes to those who are closest to them. You can easily avoid this possibly with good communication.

Estate Planning Rule 5. Start immediately.

There is no better time to start estate planning then today. If you have yet to create an estate plan, starting as soon as possible will always be better than waiting until tomorrow. Procrastinating and delaying the process is a problem waiting to happen.

  • Author
  • Recent Posts
Deb Sexton
Latest posts by Deb Sexton (see all)
  • Estate Planning is Essential Whether You Are Married or Not - April 25, 2018
  • Income Tax Basis in Estate Planning – Part 2 - April 23, 2018
  • The Downsizing Generation: How to Handle a Surplus of Stuff When a Loved One Ages - April 18, 2018

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Wilcox Attorneys, PA

DOWNLOAD OUR FREE ESTATE PLANNING WORKSHEET

There's a lot that goes into setting up a comprehensive estate plan, but with our FREE worksheet, you'll be one step closer to getting yourself and your family on the path to a secure and happy future.

Subscribe to Our Blog

Subscribe to our blog for all the latest estate planning news and updates!

Office Address

Fayetteville
2766 Millennium Drive
Fayetteville, AR 72703
Phone: (479) 443-0062

Office Address

Prairie Grove
1100 Division Street, Suite 4
Prairie Grove, AR 72753
Phone: (479) 846-6026

( By Appointment Only )

Office Hours

Monday9:00 AM - 5:00 PM
Tuesday9:00 AM - 5:00 PM
Wednesday9:00 AM - 5:00 PM
Thursday9:00 AM - 5:00 PM
Friday9:00 AM - 12:00 PM

Map

map for office
  • Facebook
  • LinkedIn
  • RSS
  • Twitter
  • YouTube

footer-logo

© 2023 American Academy of Estate Planning Attorneys, Inc.