Plan Ahead to Take Charge of Your Assets

Rachel Emma Silverman, an editor and reporter at The Wall Street Journal, recently published her new book, “The Wallstreet Journal Complete Estate-Planning Guidebook.”

The Wall Street Journal asked Ms. Silverman some questions about her book and she provided some helpful information:

• Planning ahead for your assets is worth the time, money, and hassle. It will ensure that you have control over how your property passes, and control over how your health and finances are handled if you become incapacitated.
• Not having a plan, or waiting too long to make a plan, are the biggest mistakes that people can make.
• Design a flexible plan that can be adjusted to tax rules or changing personal situations because estate-tax rules are constantly changing.
• Because estate and trust law varies drastically among states, choose a lawyer who is local and familiar with the state laws.
• If you have a complicated family situation, choose a lawyer who specializes in trusts and estates. The American College of Trust and Estate Counsel is a good resource (actec.com).
• Do-it-yourself wills are controversial, but making a plan aided by these sources is better than no plan at all. Though more expensive at the outset, getting a lawyer who can develop strategies and plans specific to your situation could save money in the long run.

See Glenn Ruffenach, Taking Charge of Your Assets, The Wall Street Journal, Oct. 31, 2011.

Special thanks to Joel Dobris (Professor of Law, UC Davis School of Law) for bringing this article to my attention.