FAQ's of General Interest
- What your family should know
- Who will take care of your children?
- Personal Values in Estate Planning
- Should You Use Forms From the Internet?
What your family should know
So long as things are going fine for you, there are probably many things you do not tell your family and loved ones about on a day-to-day basis. However, if something should happen to you, what should your family know and how are they going to discover these things?
The usually answer is that you have insurance policies in one place, banking information in another place, the title to the car somewhere else, and the deed to the house in yet another location.
Location, Location, Location
When something happens to you, it will make the whole experience much easier on everyone if you have already organized your assets in some manner. When we prepare a Revocable Living Trust for clients, we give them an Estate Planning Portfolio which has a place to keep the documentation on their assets. This provides one simple location to keep all their Estate Planning Documents and all the information needed about their assets.
Even if you do not have an Estate Planning Portfolio, you need to let others be aware of the location of all your important documents and other information about your assets.
Who Will Take Care of Your Children?
Your children are probably one of the most important things in your life. You enjoy them daily, get frustrated with them on occasion, and watch them grow up entirely too fast. You spend time with them and instill in them the important values which you have and treasure.
But what happens to your children if something happens to you?
If you and your spouse are not able to take care of your children due to an accident or death, who will take care of them? Unless you take action to appoint a guardian of your children, they will come under the control of the court system. While the court system is usually good about taking care of children, it may not do what you would like done.
What should I do?
The way most people determine who will be the guardian(s) of their children is to have a Will in place which names the guardians. The Will can be changed at any time by an attorney should you decide to name someone else as guardian. If you do not have a Will, however, you will not have appointed a guardian and the court will decide who is going to raise and take care of your children.
But I am not ready for a complete Estate Planning package.
At Cutchin Law Firm we recognize that not everyone needs a complete Estate Planning package. Some people’s lives are just changing too much, and others are not yet in a financial position to afford total planning.
A simple Will (a standard Will with no trust planning) may be the solution for you. This is a less expensive plan for younger couples who still need to have a Will primarily to name a guardian for their children.
Personal Values in Estate Planning
When most people consider Estate Planning, their initial concerns are how their assets are going to be protected and distributed and who will make medical decisions for them.
As we get into a more detailed discussion of their families and life style, I usually ask my clients if there are any intangible values they consider to be important and which they would like to pass on to others. At this point they usually get very quiet and say something like “I did not know you could include values in your Trust.”
But Estate Planning, to be truly comprehensive, should always include some statement of your values and what you would truly like others to remember about you. My own parents instilled love, honor, and honesty in me, and I like to think I have begun to pass these values on to my children and grandchildren.
How do I accomplish this?
There are two typical methods to use to discuss your values and pass them on to others. One method is called an ethical will, and the other is to actually place these thoughts in your Trust or Will.
Some values you may wish to include in your Estate Planning
There are many values you may wish to consider. This is a partial list which will help you in beginning your thoughts:
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cultural values such as art, music, travel, etc.
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economic values such as financial responsibility, frugality, savings, etc.
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educational values such as study, self‑improvement, academic achievements, lifelong learning, etc.
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emotional values such as compassion, kindness, generosity, etc.
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ethical values such as honesty, fairness, justice, etc.
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material values such as possessions, social standing, rank and title, etc.
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personal values such as modesty, loyalty, independence, etc.
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philanthropic values such as volunteer work, donations (time and money), etc.
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physical values such as health, relaxation, exercise, appearance, etc.
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public values such as citizenship, community involvement, public service, etc.
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recreational values such as sports, leisure time, hobbies, vacations, etc.
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relationship values such as family, friends, colleagues, etc.
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spiritual values such as faith, belief in God, inner peace, etc.
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work values such as effort, competence, professional recognition and success, etc.
Use of Internet or Similar Forms for Estate Planning
Several people have asked why I recommend they use an attorney for Estate Planning. They want to know why I do not suggest they go on an Internet site or purchase a software package from an office supply store. This would certainly be much simpler and cheaper.
My first response is that you always get what you pay for. If you are paying a very small price for something so important, you are getting something that has very little value.
Another point to consider is the Internet plans are designed for millions of people, and your situation is unique. Without detailed information about you, how can the Internet form possibly meet your needs? Of course, it can’t because it was designed as a “cookie cutter” solution to many situations.
Finally, it you do go to a web site like legalzoom.com or suzeorman.com, two of the more popular sites for trusts and wills, please look at the “fine print” in their disclosures. You will see something to the effect that they are not giving legal advice, they are not attorneys, and you need to have your attorney check the documents you receive from them.
If you need to have your attorney review the documents prepared on their website, why would you go to the website anyway?