Many families put off their estate planning because they overthink it, in my experience. They anticipate the need to have their answers decided upon before even meeting with the attorney. This type of thinking causes unnecessary delay and risk.
The truth is that an attorney will guide you through this decision-making process, and in many cases, you are able to answer the appropriate questions, and thus make the relevant decisions on the spot. Not in every case, but in most. (Pro Tip: In most cases, you do not have to make FINAL decision in the initial meetings with your attorney, but they may push you to make a preliminary decision, as having a decision from you will likely be better than leaving it up to chance/a random judge unfamiliar with your family or the relevant people.)
But, if you’re a planner and want to have thought everything out before hand, that is a great approach, so long as you don’t get into a cycle of inactivity or indecision. If you find yourself unable to make decisions, schedule your consultation with an estate planning attorney anyways, so that you can hear their suggestions or thoughts on the issues that are causing your hesitation! That’s what we are here for.
The reality is that many people either overestimate what they need to have prepared to get their will completed (i.e., full details on all financial accounts, all the data on the people they want to name, a list of very specific gifts for each family member, and even specific amounts of money, etc). These are all details that are covered in a thorough will, but these are not details that you are expected to decide alone, quite simply because you do not have all the information about how your will/trust will play out, practically, until you have discussed with an attorney. Even if you have handled estate administration or probate for a deceased family member in the past, something in your circumstances could significantly change how the process will look for your own family and estate.
As stated though, if you do want to to think through the most common decisions when getting your will or trust in place, here is a list of 5 decisions to consider:
1. Who do you want to manage your estate if you are incapacitated, or pass away? In other words; who do you trust to distribute your estate (assets, home, etc) to the people you choose or name in your will/trust and otherwise follow the instructions you leave?
2. Who do you want to be appointed legal guardian for your child(ren) if you become disabled, to the point you cannot care for them, or you pass away?
3. Is that the same person(s) you would want managing the financial estate you leave behind for your child(ren)? These duties can be split, so you do not necessarily have to leave money and children under the same person’s authority – A factor that brings relief to many.
4. Who, and in what general shares, do you want to receive your estate when you pass away? Rather than specific dollar amounts, it is helpful to think in percentages (i.e., 10% to my great Aunt Sally, the remaining 90% split between my two children, etc).
5. Do you have any specific gifts to leave to anyone? Such as car, wedding ring, etc? Depending on how long this list is, it may be incorporated into the body of your will, or you can supplement with a list you keep throughout the years (but this should be referenced in your will, and is not a tactic to be relied upon in all circumstances).
If you cannot answer one (or all!) of these questions, is it too soon to get your will or trust? NO. In fact, if you are undecided about who the proper person is to put in a position, it may well be that a court does not have a clear picture either, if called upon to decide for you, and you would not want to leave these important decisions to chance!
Short story here: Don’t pressure yourself to have answers to all of these questions before beginning the process by meeting with an attorney. In that meeting, the attorney will clarify the roles in a way that allows you to choose the right person, comfortably, after hearing more about their exact duties and expectations.
Likewise, if you feel you do not have anyone to appoint to these roles, an attorney will be able to explain options to you such as using professionals for certain jobs, and will discuss the pro’s and cons of such an approach.
Start the process by booking your consultation with Lastition Law by clicking here.
All the best,
Brittany Lastition
