What do Most People Want in an Estate Plan?
1. They want to stay in control.
2. They do not want to be a burden on their loved ones.
3. They want to keep it simple.
What does it mean to stay in control when planning your estate? It means you decide Who gets What and When. You decide. Not the State, and not your children or parents.
You do not want to be a burden on your loved ones. Over 80% of children and parents to not agree on who is going to take care of an elderly parent or who is going to pay for their care. No one wants to be a burden. How do you prevent this from happening? Plan ahead. Financially, legally and medically. Make your decisions before you need them. Let those who love you and will take care of you know your intentions. Give them authority with instructions so they do not have the burden of making life decisions for you without any instructions.
Keep it Simple. What does that mean? For most of us it means “I do not want to pay a lot of money” It is OK if you do not want to pay a lot of money for your estate plan. However, it is important to understand the difference between “Documents” and a “Plan” Documents give authority. A Plan gives authority with instructions. That eliminates all stress and fighting concerning how you want to be taken care of when you cannot take care of yourself. It also eliminates the costs of litigation when your loved ones cannot agree on your intentions. You will pay more up from for a” Plan”, but “documents” will cost more in the long run.
For more information on creating an Estate Plan, and not just documents, come to one of our free, online Estate Planning workshops. To sign up, contact us online or call (919) 975-5359.