Estate planning is much more than drafting a will and putting it in a drawer to be discovered upon death. Having children often motivates people to create estate plans, but even if you do not have children, you will want to ensure that you are creating and structuring an estate plan to leave your desired impact on the world.
A lack of adequate estate planning can have significant consequences during your life and potentially affect those you love. Failing to make legally enforceable decisions surrounding your death and potential incapacity (in other words, when you are alive but unable to manage your affairs) can, through public court proceedings, leave your care and the management and control of your money and property in the hands of strangers or people you would not have chosen to act on your behalf. A comprehensive estate plan can provide you with control over who you would like to advocate for you, medically and financially, while ultimately protecting your family’s inheritance and your legacy.
One of the most crucial components of a comprehensive estate plan is the process of selecting your important decision-makers. Trustees, trust protectors, executors or personal representatives, healthcare and financial agents, and guardians for minor children are among the decision-makers you will need to select. These people will step in for you at your death, incapacity, or some other predetermined time to help manage your finances, make medical decisions for you, and raise your children if they are minors.
Think of these people as your estate planning cast of characters—the people who will play important roles in carrying out your legacy through your estate plan. However, carefully consider whom you will appoint and the responsibility and authority you are delegating to each of these individuals.
Selecting your cast of characters is crucial. Working with us to make these important decisions eases the burden of having to figure it out on your own. Making these choices may seem daunting, but it can save money and heartache in the long term by preventing your money and property from being controlled by the court. Best of all, we help you select the right decision-makers in light of your big-picture goals.
Do not let the complexity of estate planning overwhelm you. We are here to help.
