The good folks at Morning Star recently published their 7 steps for how to manage your estate. It’s a solid framework and a good place to start, so thank you for helping. That said, I would submit there are a couple of tweaks and new ways to improve it. Shall we?
To keep it simple, here is the proposed plan:
- Find a Qualified Attorney
- Take Stock of Your Assets
- Identify Key Individuals
- Know the Key Documents You Need
- Manage Your Documents
- Don’t Neglect the Softer Side of Estate Planning
- Plan to Keep Your Plan Current
Seems reasonable and doable, right? At first glance, sure. But once the implementation starts happening, does it remain so? I would submit not quite, and let’s break that down:
1 - Find a Qualified Attorney - This is family and situation dependent. Our Neighbor Beyond Will and so many others can do this for you without the large legal fees. If your family estate is complicated, that usually brings costs, but for most families, an online service should suffice.
2 - Take Stock of Your Assets - Remember, there is so much more beyond the financial accounts! Cars, jewelry, homes, business interests, and all of junk, ha!
6 - Don’t Neglect the Softer Side of Estate Planning - 1,000% agree here! We are longtime advocates that good family conversation about the estate should start around the dinner table, not the hospital bed. Everyone is scared. Let's admit that and then ask how to best help.
5 - Manage Your Documents - Do you perform an annual Estate Plan Review? Do you keep the contact info current? Do you know where Mom and Dad keep their documents? Are they secure and accessible in case of an emergency? Wouldn’t it be great if there was an online system to help families do exactly this?
Morning Star is rightfully singing a good song from the rooftops, and we celebrate that! However, just telling people what to do isn’t enough. Families are busy, lives are chaotic, and everyone needs help. Let’s ensure that we are protecting our families and helping ourselves move us forward…