estate planning - updating a will

Beginning With the End in Mind: The Expanding Nature of the Estate Planning Process

Typically people’s first thought when they consider the estate planning process is the development and execution of a will. Makes sense, considering wills have been the primary instrument for estate planners to see to the disposition of a client’s property at death. Today, however, the practice of estate planning has expanded substantially. Practitioners aid clients with additional goals beyond the disposition of property at death, and utilize additional instruments and strategies to meet a client’s goals and objectives throughout life and after death.

Today estate planning practitioners assist clients with the acquisition, maintenance, and disposition of wealth. The process no longer focuses solely on the end game of wealth management. It now begins with the end in mind, implementing strategies for a client to manage wealth in a way congruent with both its short term and long term goals. Estate planning has grown to be more sophisticated as it has broadened to encompass a deeper understanding of ever fluid tax issues. In a society that continually grows more complex, the process of estate planning has kept pace and expanded in its scope.


Image by: David Morris