Are You Paralyzed by the Complexity of Estate Planning?
If you are paralyzed (in this regard), there is good news. You are not alone!
68% of Americans do not have a valid Will. 63% of those making more than $80,000 per year say that “procrastination” is the reason they have not done any estate planning. Yet 52% of Americans over 55 say it would be irresponsible to die without one. 1.
Some people are intimidated by the process itself and don’t even know where to start. Some are intimidated by attorneys and/or their hourly rate. Most people don’t understand legalese and have difficulty knowing what their legal documents say. Then there is just the idea of not knowing where to start and how. Maybe you don’t know how to address your concerns or accomplish what you do want. Maybe you are struggling with just what it is that you want.
No matter the reason, it is easy to see why procrastination has trumped the average. Our job today is to help you get unstuck. There is a key component to this: I need your help.
I want you to forget ALL of the complexity ahead of you for a minute. Don’t let your mind drift to “how” or “who” or “well….” The trick is to keep it simple (KISS). Don’t overthink it. Just answer with whatever comes to your mind. If you have multiple answers, write those down too. Are you ready?
Here we go….
Remember WWWTC. “Who gets What When under what Terms and Conditions?”
This is the only question that really needs to be answered to get the ball rolling. So, let’s get even more elementary…
Who do you want to include in your estate? This might be your kids... or not. It might be your grandkids, other family members, or even a cause or church that is near and dear to your heart. Write everyone and everything down, allowing space between each person or cause.
What do you want each of these to get? Don’t worry about equalizing things or how you can do it. Just write your wishes and thoughts at this point.
When do you want them to have access to the ‘What?’ This is where you may start getting tripped up. You may not know when. Write that down - and why you don’t know. You may not want them to get the “what” because you’re scared of divorces, creditors, etc. Write all of that down. Your fears are your friend when it comes to outlining your wishes, so don’t sweep them under the rug.
What Terms and Conditions do you think should be put in place? As my dad would say if he were writing this, “We all have dysfunctional families – it’s just a matter of how bad and in what way.” My guess is that you might chuckle as you realize this does ring true. You may have kids that struggle with their finances or substance abuse, are in a bad marriage or a messy blended family, or simply don’t live in a manner you are comfortable with. Maybe it is the combination of your kids and thinking that “fair means equal” is creating the conundrum in your mind. So here is where I am going to remind you of the rules: KISS! Keep it simple…and remember your fears are your friend. If you don’t know what terms and conditions, write down the concerns you have. The latter will get you where you need to be.
If you will thoughtfully walk your way through this tool, you will gain clarity. Even more so, we will gain the clarity needed to help you unravel the complexity of what comes next: the How!
Too many people leave a mess, family conflicts and quite possibly the unthinkable. Why? Probably for the same reasons as you.Your estate plan is about one thing. It is about saying “I love you” to the people you leave behind. So, take the time, use the tool as a launchpad, and let us help you say that to your loved ones in the best way possible