Lessons Learned in a Career of Estate Planning

Through my years of law practice, I have helped clients face and plan for a wide variety of circumstances. Despite this variety, there are some important “lessons learned” that remain important no matter the circumstances.

Planning is always better. The reasons people avoid estate planning are familiar. Some want to avoid lawyers and their fees; others are uncomfortable discussing death. In reality, not planning never leaves you in a better position. Unavoidably, each of us will pass away. Having an estate plan means there will be an orderly transition for your loved ones. Planning also generally saves money by minimizing post-death costs, taxes, and even legal fees when done correctly. Just as importantly, proper planning can avoid litigation and having your personal matters become part of a public record.

A trust is usually better than just a will. While this is not an absolute, I am hard-pressed to think of a client who was worse off for having a trust instead of just a will. A trust allows more flexibility and options than a will, allowing your estate plan to more fully reflect and implement your choices and desires. A trust allows you to dictate the amounts and timing of distributions to children, can have incentives or specific provisions for life’s milestones or achievements, can optimize tax planning strategies, and can simplify the administration of your estate. These advantages make sense for most clients most of the time.

Choosing your estate planning attorney while you are alive is better. Even if you don’t have a particular fondness for attorneys, establishing a relationship with an estate planning attorney while you are alive helps your family tremendously. Your relationship (and a relationship is what it should be) with your attorney means your family has a trusted source of help and information in the time of stress or crisis following your death.

Make a personal property list. Some of the biggest fights will arise over the “stuff” you owned. Your heirs will fight the most over the big-ticket items or things that represent memories. You should write out a tangible personal property list and designate recipients for those items. Incorporating this list into your estate plan takes away the fight and your “stuff” will be distributed according to your wishes.

You get what you pay for. If you want your estate plan to reflect your personal circumstances and choices, you should have a relationship with your estate planning attorney. There should be more than one planning meeting and one document signing session. You should discuss the dispositive and tax provisions for your trust. You should also discuss the people who will be part of your estate plan—who will administer the estate, control your assets, make health care decisions, and be guardians. Instead of paying for a stack of papers, you should pay for advice, experience, expertise, and counsel. If you do, you will get an estate plan that brings you the peace of mind you deserve. And that, as they say, is priceless.