WHAT IS INVOLVED IN ESTATE PLANNING?

The form of your estate plan will depend upon your particular circumstances. In planning your estate, your goals and wishes should be given the highest priority. In addition to your goals and wishes, you should consider your family and its needs and the nature and extent of your property. During the estate planning process, you will need to answer a number of important questions. Major questions concern who will receive your property upon your death and the manner in which your property will be distributed. Depending upon your circumstances, you should determine:

• Who should administer your estate after your death?
• Who should be the guardian of your children?
• How can federal estate (death) and other taxes be minimized?
• How will your executor or trustee pay for death taxes if any are due?
• How should you and your spouse hold title to your assets?
• If you cannot care for yourself, who do you want to take care of you?
• If you cannot manage your estate, who do you want to do so?
• Who should receive the proceeds of your life insurance or your retirement benefits?

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