Do’s and Don’ts of Estate Planning

25 Sep Do’s and Don’ts of Estate Planning

For some, the term “estate planning” is enough to send shivers of anxiety down their spine. For others, the natural response is to go into fight-or-flight mode. But estate planning doesn’t have to be scary or stressful. It doesn’t need to be complicated. Get started with these do’s and don’ts:

DO create an estate plan, even if you think you’re too young. If you’re over 18, you need a plan. Full stop.
DON’T stop reviewing or revisiting your plan. Situations change over time – assets are purchased and sold, children are born and grow up – and your plan should reflect your current situation.

DO talk about your estate plan with your beneficiaries, including your spouse and any other family members. When people know what your wishes are and what to expect, there are fewer problems.
DON’T hide your will away in your safety deposit box where no one can find it. Your plans can only be put into place if they can be found.

DO think carefully about who to entrust with the executorship, and discuss it before naming that person in an official document.
DON’T assume your first choice of executor will be willing and able to do the job.

DO make sure to take care of everyone who relies on you. Disinheriting is complicated and often leads to additional problems down the road.
DON’T leave assets to adult children unless they are actually adults who are capable of managing their own finances responsibly.

DO make a plan for medical incapacity and disability. This ensures you are covered in the event you are unable to make decisions for yourself.
DON’T assume a trust is only for the very wealthy. There are many circumstances in which a trust can be extremely useful, including cases where your beneficiaries are young or have special needs.

DO hire a professional to help you plan your estate. A professional can make sure you don’t leave any gaps and that your plan is sound.
DON’T forget to do your own research. Asking good questions can help your advisor understand your needs and wishes and guide you to make the right choices for your family.

To learn more about preparing your estate, contact us.

Joel Rose

With over 35 years of experience, Joel Rose helps families – and their businesses – to prepare for the future. He offers guidance and support to help his clients create estate plans and succession plans that meet the needs of the whole family. Through his extensive professional and personal experience, Joel is known for his compassion and his ability to find a creative solution to meet each family’s needs.