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Estate plans should be customized to needs of the estate

A family may gain a vast wealth of assets and financial holdings over years or even decades of hard work. Wealth could have even started with a person's parents who have since passed away, as wealth tends to gain speed as time goes on. Or rather, wealth can gain speed as time goes on. If you are concerned that your estate could be handled improperly both now or in the future, you may consider an estate plan.

Anyone who has ever been in a position to make a financial decision knows that making the wrong financial decision can be incredibly expensive or costly. Some financial decisions are more risky than others. However, when making an estate plan these instances of costly mistakes can be better planned for or even avoided. Estate plans can include clauses for how a person's estate ought to be managed both presently and in the event of a person's death.

To customize a person's estate plan is to put it mildly. This is because estate planning is not a 'one size fits all' solution. For example, if you have a certain asset that is to be managed jointly, except in case of death, in which it would be passed to the surviving owner there could be a clause written in for that. Assets can even be subject to probate if they are not laid out in a will transferring ownership of that asset upon an owner's death.

Probate can be an unnecessary expense for your loved ones after a person passes away and leaves no will in place. The state may make a pass at a person's assets if no clear dependent is in place. This could make it difficult for the person who was entitled to assets to obtain them. This is just one of the many issues that could arise if a person fails to make an estate plan.

Source: floridatoday.com "Improperly funded trusts can be very costly," Stephen Lacey and Brook M. Benzio, May 15, 2017

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