If I asked 50 people about the worst part of preparing an estate plan, many would respond, “Just getting started.” It can seem like a daunting task that will take a lot of time and energy, but in fact, often, when we complete one for a client, they tell me it was considerably easier than they anticipated. I like to think it is because I have a process that makes it as easy as possible for my clients. However, I realize there are estate planning hurdles that some bump into, so I thought I’d list the more common ones and provide hints and tips about overcoming them.
1. Confronting Mortality: No one wants to think about their death. I often tell my clients to focus on how the estate plan can benefit them during their lifetime and the positive benefits for their family later on.
2. Family Dynamics: Many families are complex, with conflicts and disagreements. Again, I invite my clients to focus on the positives in the family and simply acknowledge the problems and plan as best you can for them. We don’t have to dwell on the issues.
3. Choosing Executors and Trustees: For some, this is easy; they know who they trust and who they don’t. It’s a slam dunk. But of course, not all of us are so lucky, so there isn’t any way of getting around this. Sometimes, deciding between family members or friends is difficult, for example. But it is an important decision and shouldn’t be taken lightly.
4. Deciding on Beneficiaries: This is another tough one for some. For others, not so much. I encourage my clients to trust their intuition while remembering the decisions might have long-term ramifications for their loved ones. It is worth serious consideration.
5. Legal Complexity: Estate planning involves navigating intricate legal processes and documents, such as wills, trusts, powers of attorney, and healthcare directives. Of all of these hurdles, this one should not concern my clients. My job is to ensure the legal side of estate planning is well in hand; my clients don’t need to worry. I’ll take care of this part.
6. Updating and Revising Plans: This is another one I assure my clients that they do not need to worry about. I provide a complimentary estate plan review with my clients every three years. So, no worries; together, we’ll ensure your plan is as current as it needs to be.
7. Medical and End-of-Life Decisions: Everyone should have a Living Will. I can help you understand why it’s essential. But it is entirely up to you how that Living Will is executed. Yes, you need to think about it and perhaps discuss it with loved ones, but it is doable, and once done, it’s done.
Estate planning can be challenging and frankly a little scary for those who haven’t done it, but I can assure you, it is not as difficult as you might imagine, AND you will have tremendous peace of mind knowing that you’ve done what you can to protect your hard-earned assets and your loved ones. Call me at 513-399-7526 or visit my website at www.davidlefton.com to get started.