I recently overheard an individual complain (or brag, I couldn’t tell which) that their estate plan was more than 75 pages. Wow. That is a sizeable plan, I agree. And it got me thinking about “size” when it comes to estate plans. Sometimes, I think people believe that they don’t need, or deserve, to have an estate plan because they don’t own a lot of assets. Estate plans are only for the rich, the famous, the “well-heeled,” or those born into wealth. Nothing could be further from the truth.
I admit, of course, those with a great deal of wealth, meaning they have much more to protect, clearly MUST have their affairs in order. At all times and updated routinely. One never knows what tomorrow brings. But I’m sure you’ve read of celebrities like Prince, who did not have a will, or like Aretha Franklin, whose most up-to-date will was found tucked in a couch cushion (not recommended), who failed to have their ducks in a row. Even Michael Jackson, who died in 2015 AND had an estate plan, apparently didn’t take the time to ensure his documents were clear and indisputable. That estate is still not settled.
You don’t need several homes, yachts, priceless jewelry, or fine art to have an estate plan. If you have a house, a vehicle, and a savings account – you should have, at minimum, a will. Better yet, a trust – can help prevent your heirs from having to go through probate, which can be costly, stressful, and time-consuming.
And I’d like to remind you that this is NOT about you. It is about your heirs—your children, your spouse, your parents, your siblings, or other loved ones. Having an estate plan means they will know what you wanted them to do, to have, and to remember you by. Plus, when you include a few legal documents such as your healthcare directive, living will, and financial power of attorney, you’ve laid out everything they will need.
Here are a few cases in point:
- Suppose you know you don’t ever want to be kept alive on artificial life support. In that case, you can easily make that known by having a legally executed living will. That way, should you ever be in a medical situation that is dire, the physicians do not hold out any hope, your loved ones won’t agonize about how to handle the situation. They’ll know in advance what your wishes are and can follow them in good conscience. It can also ensure that the inheritance they might have received is not consumed in paying hospital bills for treatments you didn’t want anyway.
- If you set up a trust, you can save your loved ones from going through probate. When you die, the trust is not impacted, so assets in the trust, such as your home, cars, antiques, and so forth, can be transferred without the delays and burden of probate. Some assets cannot be put into trusts, such as an investment account, but since those must have beneficiaries anyway, that’s not an issue.
In summary, your heirs deserve your love and protection, and no act says love more than having an estate plan that is complete and up-to-date at all times. What do you get? Total peace of mind knowing you’ve protected your hard-earned assets and your loved ones.
I would be happy to help you draft or update your will and we can discuss the benefits of a trust at the same time. It’s a small amount of effort (and not 75 pages!) to show a great amount of love. Reach me at 513-399-7526 to schedule our consultation, or visit my website, www.davidlefton.com.