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Setting objectives comes well before estate administration

When creating an estate plan, our Texas readers are tasked with the responsibility of setting objectives. With these in place, they can be assured that the estate administration process will be simple and straightforward for their loved ones.

No two couples have the same estate planning objectives. From your financial situation to your personal beliefs, there are many details that will impact how you approach this important situation.

Once you have a list of estate planning objectives, you can then go through this process to ensure that you are making all the right decisions.

One of the most common objectives is to provide for loved ones. In other words, you want your loved ones to be taken care of in the event that you pass away. This most often includes a surviving spouse and any children.

Going one step further, you may be concerned with the financial impact of estate administration. For this reason, you will want to make decisions that can help minimize taxes for your heirs. The taxes to take into consideration include state income tax, federal income tax, state estate tax and federal estate tax.

Creating an estate plan is not something that most people look forward to, but the majority understand that this can eliminate stress from their life while also ensuring the well-being of their family down the road. By setting objectives, regardless of what they may be, you can rest easy in knowing that the estate administration process is going to work out in the favor of your loved ones.

Source: Forbes, "Eight Common Estate Planning Objectives Of Married Couples" Lewis Saret, May. 13, 2014

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