Setting Goals

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What do you want your estate plan to achieve? Do you want to provide for your grandchildren's college education? Do you want one or more of your children to carry on the family business? Do you want to make sure that your spouse is financially secure? Do you want to reduce potential estate tax liability? Setting goals is an important first step in planning your estate. Use the checklist provided as a guide. Add other goals that are unique to your situation or your family's situation.

Objectives For Estate Planning

Name:

Provide security for surviving spouse.
Relieve surviving spouse of management responsibilities.
Provide management flexibility for surviving spouse.
Provide security for both spouses after retirement.
Retire at age for myself, and at age for spouse.
Provide security for an incapacitated heir.
Keep business in the family.
Provide educational opportunity for heirs.
Assist heirs, including in-laws, to get started in business.
Minimize estate taxes on estate of first deceased spouse.
Minimize estate taxes on estates of both spouses.
Nominate guardians, conservators or trustees for minor children.
Nominate personal representative(s) of estate.
Provide means of paying expenses of estate settlement, taxes and other debts.
Provide equitable (not necessarily equal) treatment of heirs.
Preserve assets for children beyond life of spouse.
Preserve assets for grandchildren beyond life of son or daughter.
Transfer specific property to specific heirs.
Make gifts to heirs and others during lifetime.
Reduce income taxes through disposing of income property during life.
Transfer property during life by installment sale.
Provide a scholarship at a favorite university.
Provide for charitable bequests to a favorite charity or organization.
Prevent property from going to nondeserving heirs.
Take full advantage of the marital deduction.
Minimize the probate estate.
Assure continuity of farm, ranch or other business.
Review current operation and ownership of farm, ranch or other business.
Nominate agent in a durable power of attorney in case of disability.
Nominate guardian in case of guardianship proceeding.
Make advance decisions about terminating life support systems.
Nominate a health care agent to make health care decisions in case of incapacity.
Make advance decisions about mental health treatment.

Other (add others here)

After completing this form, you may print it to give to your attorney so he or she may help you develop an estate plan designed to achieve your goals.

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Prepared by Carol A. Schwab, J.D., LL.M.,
Professor and Extension Specialist, NC State University.

This publication is provided as a public service and is designed to acquaint you with certain legal issues and concerns. It is not designed as a substitute for legal advice, nor does it tell you everything you may need to know about this subject. Future changes in the law cannot be predicted, and statements in this publication are based solely on the laws of North Carolina in force on the date of publication.

Date: May 2000