Estate planning
is deemed by many as a wealthy person’s endeavor, complex and
incomprehensible. As a result most people either procrastinate their
own estate planning or worse, do not plan at all.
With proper legal counsel, estate planning can be simple and should
also provide substantial peace of mind.
Understanding some of the following basic concepts should give you
confidence to move forward.
Every Family is Unique: Every family has unique issues, members, goals,
ambitions, assets, needs, and history, which should equate to every
estate plan (no matter how simple) being customized to fit your family’s
needs and goals. A qualified estate planning attorney will be able
to provide you all the details, and options that you should have to
meet your family’s needs, where pre-purchased forms, internet
programs, “trust mill” companies are unable to do so.
Family Instructions: A good way to think about estate planning is
the concept of leaving your loved ones a set of instructions they
are to follow. Properly done, these instructions are legally binding
upon your loved ones, and should leave no room for doubt, contention
and or court litigation. Improperly done, however, opens the door
for substantial family strife and disharmony. As with any set of instructions,
it is usually beneficial to repeat your instructions multiple times
to make sure there are no questions or controversies. Many parents
come back to my office after their estate plan has been designed,
drafted and signed to hold a family meeting to discuss some of the
important decisions that they have made and to make sure there is
no potential problems or controversies with such decisions.
Terminology: There are many different options available to design
and create even a simple estate plan. Many people get confused when
reading about estate planning and all the options available to them.
Terms such as last will and testament, living will, and “pour
over will” are important, but can be confusing. The key concept
is to seek proper legal counsel and receive a good, understandable
explanation about each topic, term or idea when customizing your estate
plan. This is best accomplished by receiving in person counsel and
education by the estate planning attorney who helps customize, design
and draft your estate plan.
