Did your estate planning attorney ask you these three things before they signed you up?  Why? Who? What?  If not, your estate plan may not be the right plan for your kids. For your family.

Wills and trusts work for you when you die or are critically injured/ill and cannot manage your own decisions. It’s too late to change these critical documents when you die. It can be too late to change these critical documents when you are injured or ill and cannot manage your decisions.

So how can three simple questions help protect your kids? Protect your family? Let’s discuss why, who, what.

 

 

Why?

Every person even thinking of a will or trust has a different why. Many times it is a combination of whys.

·      Protect money for young kids

·      Make sure your adult children do not argue over what is best for you when you age and need help

·      Make sure you have it all planned on paper so your family doesn’t have the burden of wondering what you would have wanted

These are examples of whys that I see daily. Why do you want a plan? Why now?

Because when it comes down to it, this is really what I help people with. I help people no longer worry about what their particular why is. I protect the money for kids. I make sure your choices are clear to minimize arguments amongst your family. Make sure your loved ones are not burdened with decisions that could have been made in advance.

If I never asked you “what is your why?” … how can I help you?

 

Who?

Are you planning because you have young kids? Are you planning to not burden adult kids with decisions you can make in advance? Are you planning to protect yourself!

Who is it that you are doing the planning for? If it is children under age 18, you need a plan to contemplate that minors cannot directly manage money they inherit from a parent. If it is to protect yourself from being taken advantage of as you age, you need a plan where who you choose as a power of attorney is well thought out and the pros/cons discussed with a professional. Perhaps you do not have loved ones close by and wonder who can help if you need help.

If we do not know who, the plan may not work!

 

What?

This is really about an inventory of what you have in your world. What assets (the things, the money, the property) that could potentially fall into your estate or pass to those of your choosing when you die. Or, more importantly, those assets someone may have to manage for you if you cannot while you are alive.

Knowing the what is really important and can be overlooked or dismissed during the process if you are not working with someone who appreciates ensuring your plan works for you when you need it most.

This is why we ask our clients for documents supporting the “what” in their lives. We want to know about home, the bank accounts, the retirement accounts, the potential inheritance from parents. If we don’t … again… the plan may not work for you when you need it most.

This is also why we work with other trusted professionals such as financial advisors, CPA’s and insurance professionals. We work as a team.

 

Give Us a Call, You Already Know What We’re Going to Ask! 🙂

Call us if you would like to discuss your who? Why? What?

Our consultations are free. It is an opportunity for us to discusses these three critical things we need to know before we ask you to let us help you put a plan in place to protect who you love the most.

Feel free to reach out to us via our contact form below as well, if that’s easier.

 

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