Estate planning can have a comprehensive impact on your decision making that starts long before there is any reason to believe that there will be the need for any distribution of your assets in the immediate future. As we all know, success in any endeavor is largely contingent upon goal setting along with a long term plan that puts you on a course toward reaching those goals. If you go through life with a plan, keeping the larger picture in focus, your actions will be consistent and you will continually make strides toward achieving your goals.
You may say, okay, goal setting is good, but what does that have to do with estate planning? Isn’t that something that takes place after my goals have been achieved? The answer is that estate planning can and should be a part of your overall financial plan and assist you throughout your life by providing a structure that leads all the way to end-of-life planning.
Many people look toward retirement as the goal, but there are others who would like to leave a lasting legacy, and they plan beyond retirement. Times are changing and it could be suggested that it was easier to build wealth in the past than it is for people who are starting out right now. There are those who may recognize this and feel an added need to visualize their estate with future generations in mind and work toward achieving their estate goals in the present.
The point here is that people who care a great deal about leaving something behind for future generations would do well to consider these intentions as they make choices throughout their lives. If you set goals and pinpoint exactly what you want to accomplish with your estate, this will provide you with a structure that impacts your choices as you enter different stages of life.