The Woeful Insufficiencies of Standard Estate Preparation: The Four Important Concerns You Had to Ask Yourself
When I point out the words, estate planning, many people think about meeting with a lawyer and preparing legal files. Typically, those documents include a will, resilient power of lawyer, healthcare proxy and possibly a trust. After you prepare these files, you meet to sign them, then you put them someplace “safe,” cut a check to the lawyer and breathe a sigh of relief since you lastly have things covered. All is well and your estate is completely in order, right? WRONG!
Too often the drafting of legal files is confused with developing an estate plan. Sure, legal documents belong to an estate strategy, however they are not “the” estate strategy. You have to ensure that you have whatever in one area. If not, you might trigger yourself some real problems. That’s why 98% of all estate prepares fail. That’s why you have debacles like the Terry Schiavo case and the Ted Williams conflict. In order to make sure that these sort of things don’t occur to you, you have to have a strategy. The majority of people plan out what need to occur in the event of their deaths. What if you are handicapped or mentally incapacitated? Efficient estate plans must be drafted in order to represent these sort of contingencies.
If you wish to have an efficient estate strategy, you need to answer four extremely critical concerns:
1. What documents do I require?
You require a will, resilient power of lawyer, and health care proxy. Furthermore, you require an original marital relationship certificate, military discharge documents, health and life insurance coverage details, recipient classification types, deeds, and appraisals. Another necessity you have to have is a listing of essential contacts with telephone numbers.
2. How will my recipients find these files?
We all have our own individual and distinct filing system that has actually worked well for us for many years. That’s fine. You must utilize your very own unique filing system, whatever works for you. However, you do have to develop a system that “unlocks” your individual filing system. For example, if something ever took place to you, how would your beneficiaries even know you had a safety deposit box, let alone the location of the bank or key?
3. Who should have access to these files and when?
I know that’s in fact 2 questions camouflaged as one. Keep in mind, these files are individual and confidential. Today, we are all too knowledgeable about the extremely genuine danger of identity theft. Safeguarding these documents and making them available, under specific situations, to a choose group of people will enable you to safeguard your personal privacy while still preparing an efficient estate strategy.
4. Who will best advise my recipients?
Your estate strategy needs to resolve not just your monetary properties, however also your dreams, desires, and values. You need to designate that one individual who can capture all these qualities of your life, someone with whom you have actually shared those most individual thoughts. At you or your recipients’ time of requirement, who should be that a person call?
Do not puzzle appropriate estate planning with just preparing the required files or buying an insurance plan or unique investment item. An efficient estate plan can only be achieved with a well considered technique that is designed to protect your most important info and guide your successors. Just then will you have peace of mind in knowing that you have actually done your best for your loved ones and absolutely nothing crucial will be ignored.
For a review copy of the book or to set up an interview with Mark H. Kaizerman for a story, please contact Jay Wilke at 727-443-7115, ext. 223 or at email@example.com.