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The saying goes that a shoemaker’s children don’t have shoes. But my own experience in creating an estate and legacy planning product after the death of my father For over a decade he has assured me that I practice what I preach.
Because I know how important it is to formalize my wishes and information, I recently updated my own estate plan. Here’s why you should update yours too, or continue if you haven’t implemented one yet.
Whether you have many or few assets, have many or no dependents, or have complex or simple affairs, developing an estate plan is essential to ensuring that your wishes are carried out and that your loved ones do not feel overwhelmed by the process. Being organized now helps save your The time, money and pain of loved ones. when they need it most.
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So what should you implement or review?
It is important to create a will and, if possible, include your family in the process. (iStock)
First, make sure you have an up-to-date will. This will legally establish your wishes and make the process easier for your loved ones. From being clear about what happens to your property and personal belongings to who gets your loyalty points, being thoughtful from the start helps your loved ones honor your wishes while minimizing fights between family and friends.
My suggestion is that, if you have a family dynamic that allows it, include your loved ones in the process. This way, family members can express their concerns and thoughts. while you’re still alive and feel part of the process. Additionally, some of the decisions may affect them directly, such as whether family members want to be buried close to each other and need to secure burial plots.
Or perhaps some family members feel more comfortable filling certain roles while others don’t want to take on the responsibility. A frank conversation can help resolve this now that emotions are not in overdrive.
While there are online options for obtaining a quick will, and that is certainly better than no will, you may want to contact an estate planning attorney, who can provide you with clarity on state rules regarding estates. Lawyers can also often offer strategies or referrals for information on tax planning and efficiency. They will also make sure you have the proper witnesses and notarization as required by your state.
My estate plan also includes powers for health care decisions and personal property decisions. Powers of attorney give someone the ability to make a decision on your behalf if you are unable to make it yourself, for example due to an accident or other mental incapacity.
In addition to deciding who plays that role, establish parameters that that person must follow. Your healthcare power of attorney may include directives regarding organ donation and burial versus cremation, among other health decisions and final wishes.
While writing your will and powers of attorney are great first steps, they will not cover all of your wishes and information. Think about your digital assets. What do you want your loved ones to have access to from your digital files and what do you not want anyone to see? Do you want a note left on your social media account to alert your friends who may not know that something is happening to you? This is something you can include in your will directly or place it in the indicated location within your legacy and wish planning kit.
And, as you make this plan and related directives, make sure your loved ones can find it all! It doesn’t help to have a will or power of attorney that no one can find! Yo wrote previously about Aretha Franklin’s will saga, where no will was found, then several different copies emerged, including one found in her couch cushions. The ensuing legal battle took five years to resolve!
My suggestion is that, if you have a family dynamic that allows it, include your loved ones in the process. This way, family members can express their concerns and thoughts while you are still alive and feel part of the process. Additionally, some of the decisions may affect them directly, such as whether family members want to be buried close to each other and need to secure burial plots.
You want your loved ones to easily find your wishes, information and documents. Consider creating a complete legacy and wish planning kit, like my Future file kit or similar kit that you have created, containing any information in addition to any physical items that a loved one or executor may need to access in one place.
This is where copies of your will and powers should be left. If you do not want to physically include them in the kit, you can leave instructions on how to access them.
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I hear from people that things like safe deposit box keys are often a big challenge to find if they’re not organized in one place, like an inherited kit. Sometimes a loved one may not know how to contact their estate planning attorney, accountant, financial advisor, bank, or other key service providers. This information should also be included in your kit as part of a comprehensive estate plan.
An added benefit of having a kit is that you have something to grab in case of an emergency situation, whether it be an accident, natural disaster, or other.
How should you get started with your estate plan or update? Consider purchasing a kit like Future File that asks questions and helps you think about your desires. When prompted, take that information to expert service providers, starting with an estate planning attorney, to get your legal documents in order. Finally, make sure your loved ones can access the information you may collect.
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Although I did my estate plan and legacy kit a while ago, circumstances changed and I felt great relief after finishing an update.
Don’t put it off: no one knows what tomorrow will bring, as we are constantly reminded. It will give you peace of mind knowing that you are being taken care of and will save your loved ones a lifetime of pain, as well as a lot of time and money in times of need.
