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Have you considered these aspects of estate planning?

When you think about estate planning, it is easy to have a one-track mind. You focus most your attention on your assets, more specifically who will receive them upon your death. However, there is much more to creating a comprehensive estate plan.

Here are some of the other aspects to consider:

-- Steps you can take to minimize taxes. Do you really want your loved ones to lose out on some of their inheritance because of taxes?

-- Debt. In addition to assets, you may have some debt. For example, if your home is not paid off, your loved ones will have to deal with your mortgage accordingly.

-- Your estate plan needs altered over time. Your estate plan is not likely to remain the same from the day you create it until the day you die. Things can and will happen throughout your lifetime. For example, if you go through a divorce or get married, you will want to adjust your estate plan accordingly.

-- Your children. What will happen to your children if you pass on?

There are many aspects of estate planning that deserve your full and undivided attention. While it is good that you are thinking about this in an overall sense, you should also dig deeper to ensure that you cover every last detail.

You will only feel good about your estate plan and the future of your family once you take care of each and every detail, no matter how important or unimportant it may seem. You owe it to yourself and your family to do the right thing.

Source: Forbes, "Estate Planning: Your Need-To-Know," accessed May. 06, 2015

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