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Estate planning mistakes to avoid

Estate planning is one of the most critical parts of wealth management. It involves developing wealth, preserving it, and arranging for the succession of it. If done well, it can result in a person living a good lifestyle and still having a sizable estate that can go to their heirs. If done poorly, the money can run out in the person's lifetime or be less than hoped for when the time arrives for it to go to the heirs.

For these reasons, it is important to be informed about the options for estate planning and wealth management. There are a wide variety of options available. One of them is private trusts.

A private trust is a way to set aside a portion of one's wealth. When the money is a trust, it is insulated from unforeseen events. Those events could range from unexpected health problems to a business calamity. Money in a private trust can be protected from such things, allowing it to be directed as the person who established the trust sees fit.

A trust can also guard wealth against family disputes by designating exactly whom the assets go to, with what conditions, and with what timetable. It can also protect the interests of children who need someone else to manage the money they get. A trustee who manages the trust on behalf of a child can be someone trusted to do so ethically, responsibly, and in a caring way.

There are many considerations to understand when it comes time to establish a private trust as a part of estate planning. These considerations can be gone over in depth in consultation with an experienced attorney.

Source: LiveMint.com, "Estate planning: safety net for your wealth" Feroze Azeez, Oct. 14, 2014

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