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What's the connection between estate planning and home building?

OK, that above headline might seem just a bit baffling, but looking at estate administration for a moment from the perspective of home building is arguably educational and quickly informative.

Consider that if you take care in constructing a home, it is generally the case that only occasional and anticipated -- and, hopefully, minor -- tweaks are required in subsequent years to keep it up to date and in good working order.

Exactly the same is true with estate planning. "[I]f we take some time to think about the major things ... and double check that the right people are on the right documents, it can go a very long way in the end," says one financial planner.

In other words, and similarly with home building, crafting a personally tailored estate plan after thoughtful consideration of relevant contingencies creates a strong base. A well-considered estate plan fosters peace of mind, attends to important matters in life, provides as well as possible for future changes and protects family assets.

And with a sound estate plan intact, periodic review can attend to changes and contingencies that are inevitable in life. Children are born, family members pass away, kids go off to college, property is amassed.

In short, there are always new variables that arise in life, and many of them can be logically and profitably dealt with through astute estate planning and documentation. Getting on board with an estate plan early can ensure that a person is thinking about important things like asset preservation, taxes, property disposition, incapacity and inheritances.

As noted in a recent financial article, “a lot goes into estate planning.” A person who starts focusing on planning early in life and secures ongoing assistance as needed from an experienced and client-empathetic estate administration attorney can be assured of a strong foundation and the ability to make necessary adjustments throughout life.

Source: Business Insider, "5 common estate planning mistakes to avoid," Mandi Woodruff, Oct. 21, 2013

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