Many activities are best-done solo, and others are better accomplished by a team. When it comes to estate planning it can depend on your situation as well as on the extent of your assets. If you want to think about which approach is best for you, review the following team member roles one might include and determine if these individuals would be helpful as you create or update your estate plan.
As an estate planning attorney, you won’t be surprised to see that I put that role at the top. It is always highly recommended that the creation or update of an estate plan should not be a DIY activity. There have been tragic consequences for individuals who believe they can use a cookie-cutter form for their will and other legal documents. Their beneficiaries discover, too late, what those consequences are. I can’t emphasize enough the importance of having an experienced estate planning attorney as your primary team member to ensure your estate plan is not only legally acceptable but is written in a way to head off misunderstandings or misinterpretations.
Depending on your financial situation and assets, your next team member might be your financial advisor to help ensure the estate’s financial goals are met both during your lifetime and later for your loved ones.
Up next would be your tax advisor or CPA. This individual can help develop strategies, minimize any estate taxes, and ensure compliance with tax laws.
If you establish a trust, you’ll need a trustee as well as an executor for the will. These individuals can be the same person (or bank or trust company) for both. The role is really the same: to ensure your estate is administered according to your wishes.
Another team member role to be considered is your insurance professional who will provide guidance on life insurance policies, long-term care insurance, and other forms of coverage that can fund or protect the estate, ensuring liquidity when needed.
If you are a business owner, you should consider adding a business succession planner to your team for obvious reasons.
Last, but certainly a very important team member role is that of one or more family members and beneficiaries. While not part of the “professional” side of the team, involving key family members and beneficiaries is crucial. Their input can help ensure the plan aligns with expectations and reduces potential disputes, making them an integral part of the process.
As you reviewed the above, I imagine you recognized those team roles that you might want and those, maybe business succession planning if you don’t own a business, that you don’t need. I do strongly urge you to tap the knowledge of an experienced estate planning attorney as your first team member. I would be delighted to meet with you to talk about the team you’ll want to assemble to contribute to your estate plan. Call me at 513-399-7526 or go online to www.davidlefton.com and schedule our meeting there. I look forward to being a part of your team!