Ensure you have the Right Estate Planning Recipe
When it comes to estate planning, you may have to make some adjustments to it sometimes and it’s important to get the recipe just right to ensure you have everything the way you want it for your loved ones and yourself.
Changing the ingredients or measurements (aka terms) will affect the outcome in various ways. This sentiment is true even if you change one sentence of your estate plan.
For instance, you may state in the will that your three children will get a third of your assets but if one dies you may intend their percentage to go to their living children vs. the two remaining children receiving all of your assets but if it’s not specified correctly this won’t happen.
Another example is if you have a beneficiary named on an account that will trump who may be named in the will and may cause the will to be contested.
Like a recipe there are specific cooking directions that need to be followed to get a certain result. For example if you mix all wet and dry ingredients at the same time in your cookie recipe and not follow the details of the instructions, your mixture could become clumpy and you may end up with a pocket of flour within your baked cookie. No one likes that.
The same can happen if you clump all your personal property together and do not designate who gets what. Family can end up fighting over the least valuable items, because it meant something to them. You need to breakdown the specific items you own to ensure a smooth transition of your property after your death. It’s a good idea to talk to your loved ones to see if there are heirlooms that they feel a specific tie to help make your decisions and perhaps gift it to them when you are still alive and you can both enjoy it.
Ingredients within an estate plan recipe:
- Power of Attorney
- Medical Directives
- Beneficiary Designations
From financial and health care power of attorneys to your last will and testament or a living will, it is vital to ensure your recipe has the right ingredients combined in the right way. Part of the right ingredients includes getting the right lawyer for your estate. Your estate planning attorney will ensure you have the right ingredients combined in the right way for your custom estate plan recipe.