Once you've estimated your gross estate (all the assets you will own at your death), it's important to define your estate planning goals. What do you want to do with assets you've accumulated over time? Once you have plans in place to fund your retirement and other investment goals during your lifetime, you can determine how you want your assets managed and distributed after your death.

Create Goals That Mirror Your Life

Setting estate planning goals that match your current life status is an important part of your plan. For example, if you're married with children, you may have a goal to pay for your children's education. If you're married without children, you may be focused on retirement goals and providing for your spouse in the future. If you're single, you may want to make sure your wishes for your belongings are clearly specified in your plan. The following are examples of estate planning goals:
  • Paying for your children's education
  • Giving monetary gifts to beneficiaries
  • Paying for a relative's medical bills
  • Providing monthly income for a surviving spouse after your death
  • Appointing a guardian for your minor children
  • Appointing someone to manage your financial affairs should you be unable to do so
  • Transferring assets to grandchildren

Asset Distribution Based on Your Goals

Depending on your goals, you may want to make a one-time distribution ­ such as a monetary gift of a portion of your assets ­ to a friend or relative after your death. Or you may want to arrange for the continuous management and distribution of assets over a long period. For example, you might want a trustee to oversee the lifetime distribution of assets to a minor child until the child becomes an adult and inherits the balance. Work with your advisors to ensure your assets are distributed in a way that meets your goals.

Plan Creation
Defining your goals is one of the first steps you'll need to take when establishing an estate plan. Your estate planning attorney will use your goals and the value of your gross estate as a guide to help you determine the documents you'll need to complete your estate plan.