The Woeful Inadequacies of Traditional Estate Planning: The Four Critical Questions You Need To Ask Yourself

The Woeful Insufficiencies of Conventional Estate Preparation: The 4 Vital Questions You Need To Ask Yourself

The Retirement Advisor 5
Source: Flickr

When I discuss the words, estate preparation, many people consider conference with an attorney and preparing legal documents. Traditionally, those documents consist of a will, resilient power of attorney, health care proxy and possibly a trust. After you prepare these files, you satisfy to sign them, then you put them somewhere “safe,” cut a check to the attorney and breathe a sigh of relief since you lastly have things covered. All is well and your estate is perfectly in order, right? WRONG!

Frequently the preparing of legal documents is confused with establishing an estate plan. Sure, legal files belong to an estate strategy, but they are not “the” estate plan. You need to ensure that you have whatever in one spot. If not, you could cause yourself some genuine issues. That’s why 98% of all estate prepares fall short. That’s why you have ordeals like the Terry Schiavo case and the Ted Williams conflict. In order to make certain that these sort of things do not take place to you, you have to have a plan. The majority of people plan out exactly what ought to take place in case of their deaths. Exactly what if you are disabled or mentally incapacitated? Effective estate plans need to be prepared in order to account for these sort of contingencies.

If you wish to have a reliable estate plan, you should answer four extremely critical questions:

1. What files do I require?

You require a will, resilient power of lawyer, and healthcare proxy. In addition, you require an original marital relationship certificate, military discharge paperwork, health and life insurance coverage info, recipient designation kinds, deeds, and appraisals. Another need you need to have is a listing of essential contacts with phone number.

2. How will my beneficiaries find these files?

We all have our own individual and distinct filing system that has worked well for us for many years. That’s fine. You must utilize your very own unique filing system, whatever works for you. However, you do have to develop a system that “unlocks” your individual filing system. For instance, if something ever took place to you, how would your recipients even know you had a safe-deposit box, not to mention the location of the bank or secret?

3. Who should have access to these files when?

I understand that’s in fact two questions camouflaged as one. Remember, these files are personal and private. Today, we are all too aware of the extremely real hazard of identity theft. Safeguarding these files and making them readily available, under specific scenarios, to a choose group of people will allow you to protect your personal privacy while still preparing a reliable estate plan.

4. Who will best advise my recipients?

Your estate strategy needs to address not only your financial properties, but also your dreams, wishes, and worths. You have to designate that one person who can capture all these attributes of your life, someone with whom you have shared those most individual ideas. At you or your recipients’ time of need, who should be that a person call?

Don’t puzzle correct estate preparation with just preparing the required files or purchasing an insurance coverage or unique investment product. An effective estate plan can only be accomplished with a well thought out approach that is developed to safeguard your most important info and guide your heirs. Only then will you have comfort in knowing that you’ve done your finest for your loved ones and absolutely nothing important will be ignored.


For an evaluation copy of the book or to establish an interview with Mark H. Kaizerman for a story, please contact Jay Wilke at 727-443-7115, ext. 223 or at