More than just a will . . .

What is “legacy planning”?

When you think of estate planning, what comes to mind? Images of family members sitting around a table while an attorney reads the will? Dividing up the family’s vast holdings among children and other family members? Perhaps something involving the words “making sure my family is taken care of?” While those are very important parts of the process — but they’re not all of it. Because your life is so much more than just the assets you leave behind.

What any of us leaves behind is so much more than the sum total of assets on an accounting statement. The life you’ve built for yourself and your family, the connections you’ve made along the way, the values you’ve tried to live by . . . those will outlive you as well. And while whatever wealth you may have accumulated along the way can be an effective tool for doing what you need to do, you really can’t take it with you.

In my practice, I focus on what I call “legacy planning.” As critically important as it can be to have a will and/or a trust in place to protect your assets, when it comes down to it we’re really talking about your legacy. Even if you don’t have a lot of personal wealth, you’ve still made an impact on people, and that’s what will survive you. A good plan is critical, both to ensure your wishes are followed after you’re gone and to lessen the burdens on those you leave behind.

Without a good plan in place, you have no say in who inherits your money or your property. Your family can end up paying taxes, and probate could be complicated, stressful, expensive, and time-consuming. Many of these can be made much easier, if not completely avoided, with the right plan.

Any legacy plan should have the following key documents:

Last Will and Testament
Durable Power of Attorney
Health Care Power of Attorney
Living Will

Depending on your situation, you may also want to establish a trust to ensure your plan comes as close as possible to following your wishes.

For parents with younger children, one of the most important decisions you can make is whom you want to take care of your children if you’re gone. A lot goes into that decision, and I’m here to help you along each step of the way. While you can (and should) name a guardian in your will, there are several other steps you can take to make sure your kids are cared for in the way you wish.

Besides preparing these documents, we will also review how your property and assets are set up now to minimize the stress and red tape your family may face in the probate process to settle your estate. We’ll also help you to organize and prepare your important documents and other items to make things as easy as possible to carry out your wishes.