One common question among those who have begun the initial process of planning their estate is whether their plan is sufficient. This will often take the form of the question, “Is a will enough to protect my estate and my loved ones?”
The answer, like anything involving fiduciary responsibility and your estate, is not simple. A “maybe” might be the shortest answer, but the truth is that every issue related to estate planning should be handled on a case-by-case basis.
Here are a few points to consider as you determine the answer.
Define “estate planning” as it pertains to you
The phrase “estate planning” in and of itself doesn’t explain much, as it is entirely dependent on what the estate holder is planning for. If you believe that estate planning is only ensuring that your funeral is paid for and that your property is passed to your heirs, friends, or charities in the amounts or proportions you desire and that particular property is specifically directed to be given to certain people or charities, then perhaps a will is sufficient.
However, many people have additional considerations for their estate. For example, there may be reasons to consider a trust, such as if you have minor children whose assets will need to be managed by a fiduciary. You may also wish to consider forming a trust or a limited liability corporation (LLC) to take control of a business you own upon your death, so that it can be operated by a trustee or a manager for the benefit of your spouse, heirs, or others.
A broad view of estate planning also includes taking into consideration issues that may arise late in life, or if you have a disabling accident. Further planning opportunities using Powers of Attorney for health care, Powers of Attorney for financial decisions, Living Wills, and similar directives should be considered. Each of these documents can address the difficult decisions which might need to be made when you are no longer able to make those decisions yourself.
Understand the role of your estate plan
There is a wide variety of strategies that you can utilize as part of your estate plan. Your estate plan should be customized to your particular needs, circumstances, and assets you own (and expect to own). Beware of “cookie-cutter” plans that offer the same approach to everyone.
However, the level of detail in your estate plan is virtually useless if it is not kept up-to-date. Your estate plan captures a moment in time and how you would like your estate handled if you were to pass away if circumstances remain the same, or at least as far into the future as you might be able to currently speculate. Your best formulated plan can change as a result of many developments, including the passing of a spouse or heirs, divorce or separation, the birth or adoption of children, and sudden changes in fortune like a lottery win. It is important to recognize that many situations may warrant an updated estate plan.
Discuss your goals with your attorney
Above all else, the person most qualified to help you achieve your estate planning goals is an experienced estate planning attorney. Though you know your estate the best, an experienced attorney will be able to guide you to choosing the best documents and strategies for creating a solid estate plan.
If you are concerned that your current estate plan may not be sufficient to avoid disputes after you are gone, the attorneys at Gaslowitz Frankel can help. Contact us today and find out how we can help make sure your estate plan achieves the goals you desire after you pass.
