What is Proper Estate Planning?
Proper Estate Planning allows you to plan for yourself and your loved ones without giving up control of your affairs. Your estate plan should allow for the possibility of your own disability. It should give “what you own, to whom you want, when you want and the way that you want”. Your estate plan should include fully disclosed and controlled costs for you, and for those you love.
It’s not about the documents, it’s about the results! The key to proper estate planning is clear, comprehensive, customized instructions for your own care and that of your loved ones. These instructions can be included in a will, a trust, and in several other related documents. We find that most of our clients are best served with a combination of these tools, backed-up by the Three Step Strategy™.
STEP 1: Develop your plan with Counselling Oriented Planning Partners
(as opposed to a word processing, document-oriented attorney)
We fear that much of what passes for estate planning in this country is little more than word processing! We don’t believe you should pay a licensed professional to do word processing. Their value is in their counsel and advise, based on knowledge, wisdom, and experience. If word processing is all you want, you may as well as do it yourself! But if you want an estate plan that works, seek good counselling from an attorney who is willing to work closely with other professionals such as your financial advisor and accountant.
STEP 2: COMMIT Yourself and Your Plan to a Continuing Maintenance and Education Program.
An estate plan faces a myriad of changes. First, there is constant change in your personal, family and financial situation. Secondly, there is constant change in both tax law and non-tax law that impacts your estate plan. Third, there is constant change in your attorney’s experience and expertise. Your professional advisors are continually improving through ongoing education and collected experience.
Since everything constantly changes, you cannot expect a plan to accomplish what it was intended to accomplish if it is never updated. The costs of failing to update are typically far greater than the costs of keeping your plan current.
STEP 3: SECURE Appropriate Assistance for You and Your Family to Transfer Your Wisdom Along with Your Wealth.
It’s one thing to pass your wealth to the next generation. It’s a different thing to pass it along in an orderly and protected manner. And it’s yet another thing to pass along your wisdom. A good estate plan will accomplish all three things.
By working with a team of professionals, you heirs will be able to receive their inheritance in a form that is protected from creditors and predators. In addition, you can structure your estate plan to provide in-depth instructions or commentary on those things that you believe are important for those heirs to know and do.
The Importance of the Team Approach
Creating an estate plan is not difficult, but it does require the involvement of all your professional advisors; your attorney, your accountant, and your financial and insurance advisors. If all the professionals are included in the planning, you are much more likely to have a plan that works. If not, you may receive conflicting advice that leads to confusion and inaction.
We suggest that you allow us to involve your other advisors in your planning, and keep them apprised of steps you are taking. That way everyone is fully informed and has a chance to offer their particular expertise to the process.
A Proper Estate Plan Meets Your Goals and Keeps You in Control of the Process and the Results!
