* My
assets are really simple, and there are not that many of them.
* I’m
married; doesn’t everything go to my spouse, then my kids?
* I have plenty of time to get this together.
* My family gets along really well; they won’t have any problem dividing things up.
* After I’m gone, why do I care?
* I have plenty of time to get this together.
* My family gets along really well; they won’t have any problem dividing things up.
* After I’m gone, why do I care?
These are among the many reasons I hear when I ask if someone
has taken care of putting together an estate plan. For many, “estate plan” sounds complicated
and entirely too sophisticated for what they view as their simple
circumstances.
But “estate plan” is an all-inclusive term to describe the
documents needed to adequately protect you and your family and loved ones in
situations of illness, incapacity and after death. An estate plan will address:
· Holding assets in “trust” if needed for minor children or others not financially capable.
· Directions for health care if you are incapacitated, temporarily or permanently.
· Instructions regarding end of life decisions
· Choosing someone to make business and financial decisions if you cannot.
· Guardians for minor children.
· Final instructions re memorial services, gifts to charities, and disposition of your body.
An example of large scale unexpected death is the terrorist
attacks on September 11, 2001. Not only
was this a sad and tragic series of events because of the loss of life and the
change it wrought in our sense of security within our borders, it demonstrated
how unprepared most families are.
The buildings and airplanes involved in the attacks held
primarily people of working age, most in the prime of life. There were some children, some seniors, but
most were people going about their daily work routine, as were the hundreds of emergency
personnel who responded and also lost their lives.
Accountants, financial consultants, restaurant workers,
security personnel, building engineers, police, firefighters, military men and
women and yes, lawyers, did not have Wills or Trusts designating what would
happen to their assets. Lawyers were
among the most prevalent of those without plans. The shoemakers’ children go without
shoes.
Not only did
approximately 70% not have written plans, most did not have adequate financial
coverage for families through life insurance or other means. 70% is the approximate national average of
those dying without an estate plan.
This is an extreme example, but just last month I heard from
a family whose loved one is critically ill and there are no instructions about
end of life care. I recently have been visited
by the adult children of a parent who told the kids everything was taken care
of but they cannot find any of the paperwork.
In my own extended family, there were emotional disputes
about what type of service a beloved sister wished to have. When a young couple was killed in a car
accident on a weekend get-away for their anniversary, their three young
children were the subject of turmoil among family factions, each of whom
thought he or she should be appointed guardian.
An estate plan is the kindest gift you can leave your family
and loved ones. Don’t make them guess
what you want. Have it written down and
let them know where the papers are.
I can help you reduce your wishes to writing and
can make it affordable to do so. Contact
Kathleen Wright at kathleen@kswrightlaw.com