When tasked with estate planning, individuals with many assets often face unique challenges, which include planning for how certain assets will be passed on to subsequent generations. Many people discover that they have a variety of questions regarding how to best handle their assets. An experienced estate planning lawyer can help you think about how your assets should be handled as well as how to ensure your beneficiaries receive everything to which they are entitled. 

This article reviews some strategies that individuals with large estates should consider implementing to make sure that their wishes are fully carried out.

Have Conversations About How Assets Should be Handled

One of the biggest challenges that individuals have regarding estate planning is that they are never sure how to bring up the conversation with their family and loved ones. In reality, it is never too early to begin having conversations with your loved ones about estate planning. 

When you do have these conversations, you should make sure that they include everyone who might be involved in your estate. Many individuals with large estate choose to make estate planning lawyers, wealth advisors, and other estate planning professionals part of these conversations, as well. 

The goal of these conversations should be to create an understanding in the people you speak with about your goals. Whatever agreements are ultimately reached should be fully included in your estate plan.

Know What is Commonly Overlooked

Families sometimes create estate plans and then discover that their net worth increases substantially. To avoid estate plans that become outdated, it is important to periodically (often annually) review the terms of your estate planning documents to make sure that they still apply to your current situation.

If you fail to update your estate planning documents, it is likely that errors will arise involving tax savings, investment opportunities, and several other nuanced estate planning areas. 

Understand What Makes a Good Estate Planning Team

One of the best places to begin when creating a strong estate plan is to understand what family members, as well as friends, are capable of best achieving your estate planning goals. In regards to estate planning professionals, several important criteria should be filled. Firstly, these professionals should all have the appropriate skills and credentials to help you achieve your goals. 

It is also important that you feel able to express your wishes to these individuals. Good communication is critical because estate planning is a complex endeavor that takes place over an extended period of time. During this time, you will have many intimate discussions with your estate planning attorney about personal subjects. 

Contact an Experienced Estate Planning Lawyer

Estate planning is complex for most people, but it can be particularly challenging for individuals with large estates. Estate planning of this type often involves thinking beyond assets and considering the legacy that a family wants to leave behind. If you need assistance navigating this difficult process, do not hesitate to contact an experienced estate planning attorney. 


Contact estate planning lawyer Jim Lyon today to schedule a free initial consultation.