Many people seem to think that having an estate plan simply refers to having legal documents. While it’s absolutely true that the right legal documents are critically important, we believe that there are four components overall that when addressed, can take an estate plan from good to great and make it a true gift to your loved ones:
1) The power to carry out your wishes. Appropriate, up-to-date (e.g., reviewed every two years and modified as needed) legal documents for your situation including:
- Last Will and Testament
- Living Will
- Healthcare Power of Attorney
- Financial Power of Attorney
- Trusts, for some individuals (If you are interested in determining whether a trust is right for you, contact your estate attorney to discuss your goals and options.)
3) You’re more than your money. Documenting your legacy – all the important personal stories, accomplishments, and heritage information that you want passed to the next generation. Some studies show that this component is often more important to many people than financial assets.
4) Talk. Listen. Repeat. Some people may find this step to be the most difficult of all. However, the true measure of a plan is in how well it can be implemented. Periodic and ongoing communication to tell your executor, personal representative or trustee about your preferences, viewpoints and wishes is critical in smoothing the often troubled waters of settlement.
We want to hear from you.
How does your estate plan stack up in light of these four components?
Leave a comment and let's get the dialogue started.
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