Make Your Estate Transition a Blessing
A Well-Planned Final Estate is for Everyone
The topic of estate planning and transition sounds often seems like an activity exclusively for the ultra-rich. Yet, if you have had a loved one die and had to deal with estate settlement, you quickly learn that estate settlement can be quite complex, exhausting, and stressful. Moreover, poor planning, unorganized documentation, and lack of communication by the decedents only makes this worse for their survivors. Those who they wanted to bless at their passing are often cursed by the mess that is left behind!
Estate Transition Questions to Consider Now
Most of us don’t like to think about our death, or we tend to think that it is far off from today. Frankly, we just don’t know and that is why it is important to be proactive, particularly when you are cognitively strong and can make thoughtful decisions. Here are some things to think about:
How do you want to distribute your estate? Understand the options. Make these decisions early. Revisit often. Make sure your plans align with your vision and values.
Who do you want to play a role in estate management? This work can be complicated, tiresome, tense, and risky for any individual. While you may want to honor someone by asking them to serve as Executor or Trustee, you actually may be asking them to do something they do not want to do or do not have the expertise to do well. Make sure you understand the tasks that are before them and choose wisely.
How do you help your family through the process after you are gone? Having accessible and organized physical and digital records will help your family greatly. During a time of grieving, your family will not want the added stress of locating documents and information, or guessing your intentions.
What do you want your funeral and memorial to be like? This can be a big source of disputes among family members who all know exactly what you wanted! Why not tell them exactly what you envision?
This is just a sampling of issues that should be addressed. And the more you can address in advance of the inevitable passing, the better the transition will be for your surviving family. Below are some resources that we have found helpful.
Finally, if you want to talk about this in more detail or need some assistance, we welcome the opportunity to sit down and guide you.
Upcoming Event
If you want to learn more about this topic, please join us on February 8, 2022, from 5 to 7 pm at Sugar Creek Country Club for “Planning a Smooth Estate Transition: Seminar & Dinner.” We will be hosting a panel-style interactive discussion with four estate attorneys regarding how to make the estate transition process one that is organized, well-prepared, and clear to everyone involved. You can find more details and registration here.
Helpful Resources
Family Trusts: A Guide for Beneficiaries, Trustees, Trust Protectors, and Trust Creators: If you want to learn more about roles that people can play in estate settlement and management, this book does a good job. We even wrote a book review here.
Get It Together: Organize Your Records So Your Family Won't Have To (Ninth Edition) by Melanie Cullen: If you want some help organizing your records so your family isn’t scrambling to make sense of a mess you leave behind, this workbook can be quite helpful.
You Only Die Once: Preparing for the End of Life with Grace and Gusto by Margie Jenkins: If you want to proactively address your own departure well, here is a good and practical book for end-of-life event and activity planning.
