The Woeful Inadequacies of Traditional Estate Planning: The Four Critical Questions You Need To Ask Yourself

The Woeful Insufficiencies of Standard Estate Preparation: The 4 Critical Questions You Need To Ask Yourself

When I point out the words, estate preparation, most people consider meeting with a lawyer and preparing legal files. Traditionally, those documents consist of a will, durable power of lawyer, healthcare proxy and possibly a trust. After you prepare these files, you meet to sign them, then you put them somewhere “safe,” cut a check to the attorney and breathe a sigh of relief due to the fact that you finally have actually things covered. All is well and your estate is perfectly in order, right? WRONG!

Frequently the drafting of legal documents is puzzled with establishing an estate plan. Sure, legal documents belong to an estate strategy, but they are not “the” estate strategy. You have to make sure that you have whatever in one area. If not, you might trigger yourself some genuine problems. That’s why 98% of all estate plans fall short. That’s why you have debacles like the Terry Schiavo case and the Ted Williams dispute. In order to ensure that these sort of things don’t occur to you, you have to have a plan. Most people plan what need to happen in case of their deaths. What if you are handicapped or psychologically incapacitated? Reliable estate plans should be drafted in order to represent these kinds of contingencies.

If you want to have a reliable estate strategy, you must answer 4 incredibly important concerns:

1. What files do I require

? You need a will, long lasting power of lawyer, and healthcare proxy. Additionally, you require an original marital relationship certificate, military discharge documents, health and life insurance coverage information, beneficiary designation forms, deeds, and appraisals. Another necessity you need to have is a listing of essential contacts with telephone numbers.

2. How will my beneficiaries discover these files? We all have our own individual and unique filing system that has worked well for us over the years. That’s fine. You must use your own unique filing system, whatever works for you. However, you do need to develop a system that “opens” your individual filing system. For example, if something ever occurred to you, how would your beneficiaries even understand you had a safety deposit box, not to mention the area of the bank or key?

3. Who should have access to these documents when?

I know that’s really 2 concerns camouflaged as one. Keep in mind, these documents are individual and personal. Today, we are all too aware of the really real risk of identity theft. Safeguarding these documents and making them offered, under specific circumstances, to a choose group of individuals will permit you to safeguard your privacy while still preparing an effective estate plan.

4. Who will best encourage my beneficiaries?

Your estate strategy has to deal with not only your financial properties, however likewise your dreams, desires, and values. You need to designate that one person who can catch all these attributes of your life, someone with whom you have actually shared those most individual thoughts. At you or your beneficiaries’ time of need, who should be that a person call?

Do not confuse appropriate estate preparation with just preparing the required documents or acquiring an insurance coverage or unique investment item. An effective estate plan can only be accomplished with a well thought out technique that is developed to safeguard your crucial details and guide your heirs. Only then will you have assurance in knowing that you have actually done your finest for your liked ones and nothing essential will be ignored.

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### For an evaluation 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 jayw@event-management.com.