The estate planning process can seem ominous, confusing and for many, we stop here. Learning how to prepare for estate planning from a layperson’s perspective can help unravel the process and provide you with information to proceed with more confidence.
Today in America, approximately 60% of Americans have not created a will/trust. What does this mean? For starters, without documentation of your wishes/preferences about your dependents, your finances, your health and your property, there is not a road map for those you care about if you were to be in an accident or no longer be with us. Without a road map, confusion rules the day for everyone.
If only we had notice before anything would befall us, then we could get our stuff in order … right?! Sadly, I suspect not! For some reason, this process stops us in our tracks. We must admit to ourselves that the opposite of living is not living. It’s hard to imagine a day when we don’t wake up and hit the ground running.
What if we shifted this perspective? What if we considered “buttoning up” as a way to live? Taking stock of the administrative side of life involves navigating the various pieces of our lives. We do so much of this on autopilot that the thought of chunking it down, forces us to stop and notice how we really live. Who do we know? How do we earn money? Where is our money? How do we pay our bills? Where do we live? What do we drive? What are the things that bring us joy? What matters to us about our health; for our children/pets? Who do we trust to help us, should we need help? What have we done to help protect ourselves against financial/health/life interruptions?
Our daily lives consist of so much. If suddenly we encountered something to disrupt this, how could anyone step in to help us? By thinking of this before we need it, we empower ourselves to live now and allow others to help us if needed. From the layperson’s perspective, this is the beginning of the estate planning process. Knowing what we want, what we have and what needs to be protected.
From there, the attorneys map out the administrative processes necessary to prove to those who have an interest how to proceed. Complexities exist when there are previous families, property, businesses, children/pets and special needs. Attorneys help us document how we wish our health care to proceed, our property to be handled, our financial obligations to continue if we are not able to speak for ourselves.
Each state expresses their views through law and the court system interprets the law. It’s wise to take care of the business of life and document through an attorney your perspective. Deciding not to decide is making a decision to allow the court to decide for you.
Are you ready to prepare for estate planning, or assess where you are today and what’s important to consider moving forward? I understand legal lingo and help you understand the practical implications. This is what I love to do. Let’s get ready together!
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