4 Essential components of a good estate plan

Your intent. The right people. Direct communication. That’s what it takes to develop an estate plan that carries out your intentions for your family and community – the way you want.

Of course it’s not always simple – many even find it scary. Some people delay planning for fear they can’t come up with the “perfect” plan, or because they’re uncertain about the future of the federal estate tax. So it’s important to understand as much as possible before you begin.

Our paper, The Family Guide to Estate Planning, answers common questions about estate planning. It shows you:

  • Why executors, guardians and powers of attorney are three people you can’t do without
  • What could happen without a will
  • How to make taxes work in your favor
  • Why trusts and trustees matter
  • How a living will helps both you and your family

You'll learn about the 4 most powerful components of any plan – wills, trusts and trustees, powers of attorney and advance medical directives.

  • Wills – Your will allows you to control the destiny of your property. Without one, your state’s laws step in, which generally makes the process more difficult and costly.
  • Trusts and trustees – Trusts can accomplish many goals for your family. We guide you through the considerations involved in choosing the type of trust and the trustees that are best for you.
  • Powers of attorney Nearly everyone should have a power of attorney for times of illness or infirmity. Learn about the different types of powers of attorney, when you need them, and how to choose the right people to fill the role.  
  • Living will/Advance medical directive – The use of a living will provides you with the maximum flexibility to state your desires – and reduce stress and burden on your family and loved ones.

You’ll also learn how to begin with the first and most important step you should take: defining your goals. 

Take the first step in ensuring your intentions for your assets are carried out. Download our paper, The Family Guide to Estate Planning.

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Legal Note

SEI Private Wealth Management is an umbrella name for various life and wealth services provided through SEI Investments Management Corporation, a registered investment advisor.

Neither SEI nor its affiliates provide tax advice. Please note that (i) any discussion of U.S. tax matters contained in this communication cannot be used by you for the purpose of avoiding tax penalties; (ii) this communication was written to support the promotion or marketing of the matters addressed herein; and (iii) you should seek advice based on your particular circumstances from an independent tax advisor.

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