As I mentioned in an earlier post, I had surgery two and half weeks ago - back surgery to be exact.  While the recovery is going well (thanks to those who have emailed and sent their wishes and prayers) it still takes patience.  I am the first to admit that I have no patience when it comes to being injured.  As I’m sure many of you can relate, it’s frustrating when the body doesn’t do what it’s supposed to.  I constantly remind myself that it’s about progress, not perfection.

I realized that the same mantra could be applied to estate planning.  As a Personal Family Lawyer, I hear time and time again from new clients that they had been putting off meeting with an attorney about protecting their family because they thought it would be difficult, drawn out, complicated and expensive.  In their minds, they are envisioning a “perfect” estate plan, and assuming it will be huge and overwhelming.

“Progress” should be the goal. While it might be great to come out of the gate with a living trust, wills, powers of attorney, health care proxies, Kids Protection Plan, and if appropriate a life insurance trust, limited liability entity, and any number of other tax planning tools, comprehending all this in a first meeting can be confusing.  You would and should be overwhelmed.

Estate planning is meant to be a work in progress.  A plan should be reviewed annually, and updated as appropriate.  Start with a foundation plan - the minimum necessary to protect your family and loved ones from probate and unnecessary taxes.  Plan with your attorney to build upon that at least annually by adding components that will further protect against creditors and predators.

Over time, your estate plan will become a strong fortress of protection for you and your family. You’ll reduce your stress, and have the side benefit of effectively paying for your plan in installments.

Don’t put off your planning.  Think progress, not perfection.

Tags: Estate Planning, Kids Protection Plan, Personal Family Lawyer

This entry was posted on Wednesday, December 3rd, 2008 at 12:07 pm and is filed under Estate Planning, Kids Protection Plan, Trusts. Follow comments to this entry through the RSS 2.0 feed. Leave a comment, or trackback from your own site.