5: The Basic Planning Tools
In This Section
1: You Need a Good Estate Plan 2: What is a Good Estate Plan? 3: One Size Does Not Fit All 4: Minimizing Your Tax Liabilities 5: The Basic Planning Tools 6: Who Can Help You 7: What Are You Waiting For?
Sample Bequest Language
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Although a will is the essential estate planning tool, it is not, as most people believe, carved in stone. A will may reflect your written intentions for the disposition of your estate but unfortunately, it may not be the final word. There are several instances where the instructions of a will can be overridden by:
- Property held in trust
- Named beneficiaries of retirement plans
- Partnerships or other business agreements
- State laws
It’s wise to familiarize yourself with all the basic tools of estate planning so you and your planning team can make informed decisions regarding the distribution of your assets.
Consider making a gift through your will or trust.
Here's the language you'll need.
Next: Who Can Help You
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