If you’ve ever been involved in building a house, you know you must follow a well-defined process - and some of the same steps are needed to build an estate plan.
Your first step in building a home is choosing a qualified contractor.
And when you construct an estate plan, you need to work with an experienced legal professional.
Next step: Build a strong foundation.
For your estate plan, your foundation might include elements such as a will and a living trust.
Even after you build a home, you may need to make some changes to it.
It’s the same with your estate plan - if you drew up a will two decades ago, you may need to modify it, especially if you’ve experienced changes in your family situation, such as remarriage.
And finally, watch for mistakes.
In a new home, cracks in concrete walls could lead to water damage.
In an estate plan, you could make mistakes in a variety of ways, such as not putting intended assets into a trust or not updating beneficiary designations.
Following these construction techniques can help you create an estate plan that can last a lifetime - and beyond.
This article was written by Edward Jones for use by your local Edward Jones Financial Advisor John Dickerson. Member SIPC.
