Are you a planner or more of a “wing it” kind of individual? I think planners are often considered not spontaneous, perhaps inflexible, or even a bit dull (they know what’s coming!). Whereas those who like to wing it might be viewed as more exciting and fun. So, while I’ll always fall into the category of being a planner (I am an estate planning attorney, after all), being a planner can have a few pitfalls.
Here is my take on the pros and cons of being a planner when it comes to estate planning, and by that, I mean protecting your hard-earned assets and loved ones.
Pros:
- It’s Efficient: Being a planner means you put together what you need, including paperwork and thoughts on how you want things to be once you’re gone, and schedule time with an estate planning attorney to get it done as quickly and efficiently as possible.
- Reduces Stress: As a planner, you’ve “gotten your affairs in order,” which is a tremendous stress and worry reducer. Knowing you’ve done what you can deliver peace of mind.
- Ongoing Peace of Mind: You recognize, since you’re a planner, that periodically you need to review and possibly update your plans so they meet your needs even if you’ve experienced life changes such a marriage, divorce, new family members (like babies, adopted children or even pets.)
- High-Level Sense of Accomplishment: There is little to compare to planning and then implementing a plan. The sense of accomplishment as you sign all the papers is priceless!
Cons:
- Overplanning: Some planners can get obsessive about their estate plans, resulting in never finishing them. An unfinished estate plan is worthless. An experienced estate planning attorney can help you work through the decisions that must be made to the point of conclusion. The best thing I can do as an estate planning attorney when I work with clients who struggle a little with this is to remind them the plan is not carved in stone. Changes can, and usually should, be made over time to adjust for life changes you experience.
- Dependency on the Plan: Once again, like those who might struggle with overplanning, adhering to a plan that actually won’t work (perhaps because it is outdated) is not a good thing. I remind all my clients that I offer a complimentary plan review every three years to ensure the plan continues to reflect my client’s needs and wants.
- Micromanagement: Every once in a while, I will have a client who simply must try to micromanage every aspect of the plan, including all the usual legal instruments such as living wills, power of attorney, and medical directives. After learning about my approach, experience, and knowledge in these matters, they usually understand they don’t have to do that. It’s my job to ensure every detail is covered. What a relief it is for those clients! And a time-saver as well.
Since I mentioned being a “wing it” person, I want to address how that approach works in estate planning. Two words: It doesn’t. Waiting until the last minute, sometimes on a deathbed, is never a good idea. Too often, the individual is no longer in a competent state of mind or physically up to the task. The result of dying without having gotten your “ducks in a row” can and often does have a disastrous outcome for loved ones. Why do that to the very people you care most about?
Planner or not, I’d be honored to help you get your affairs in order with your plan. Call me at 513-399-7526 or schedule a consultation through my website at www.davidlefton.com