Offered by Michael A. Dolan – Dolan & Associates, P.C.
Last month, we provided an overview of the four typical types of estate plans. Now, let’s look at how we actually produce an estate plan that will allow things to go smoothly for your family after your disability or death. If the plan won’t work, why bother having one?
Effective estate planning is not an event. It is a process! If you would like your estate plan to produce results, you need to undertake a process through which you carefully craft instructions, align your assets with the plan, and regularly adjust and maintain the plan. Simply buying a will or trust is like going to your financial advisor, choosing specific investments, and then never looking at them again. That would not be wise.
You should carefully look at your estate planning attorney’s process for maintaining your plan over time. Do they have a formal process for keeping the documentation up-to-date regarding legal changes and changes in your personal situation? Does your attorney have a process for notifying you when legal changes necessitate an adjustment in your plan? Does the attorney remind you periodically to review your plan to make sure it still meets your goals, and have a way for you to do so quickly and easily? Does the attorney work with you to ensure that your current and future assets stay properly aligned with your plan? Does your attorney have a process for helping prepare you and your family for the transitions that will come upon disability and death?
If you can’t answer “Yes” to these questions, you may want to investigate a more thorough process of estate planning. Just having a set of documents is not the answer to eventual success. It is simply a false sense of security.
If you would like to learn more about an alternative estate planning process that is producing great results for families, please visit: www.EstatePlansThatWork.com to sign up for a complimentary educational workshop.
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