Your Estate Plan is NOT About Your Estate

It always feels a bit strange talking to new clients about their “estate.” 

Because when we hear the word “estate” many of us picture a mansion with fountains and topiaries cut into animal shapes. Obviously, that’s not what we’re talking about here*. 

In the world of Estate Planning, an “estate” is the collection of assets legally owned by an individual, such as:

• Cash 
• Investments 
• Property 
• Furniture 
• Art
• Appliances 
• Baseball card collection 

What Is an Estate Plan? 

An Estate Plan is the process and documentation that directs what happens to those assets when the asset-owner dies. Spoiler alert: you can’t take it with you. 

The Importance of the Process 

What I want you to know today is this: too many people (and even some lawyers sometimes) pay too much attention to the documentation, and not enough attention to the PROCESS. 

There are a whole series of conversations, questions & answers, and getting to know you before we start to document anything. 

Your Goals Matter Most

Another way to look at it is like this: 

Your Estate Plan is NOT about your estate; it’s about your GOALS. 

For example, you might want to:

• Ensure your children (minors) will be properly cared for if you experience a health crisis or accident.  You want a say in who will make legal, medical, financial and daily decisions on their behalf. 
• Clarify your preferences. You may have strong feelings and beliefs and want your choices to be clear and binding in regard to your own health choices, medical procedures, charitable giving, and bequests. 
• Protect your heirs from OVER-paying taxes and fees. There will be unavoidable taxes and fees to pay before beneficiaries inherit, but it’s better if things are clear, simple and fair (with an estate plan) rather than confusing, complicated and unnecessarily expensive (without a plan). 

Why Estate Planning Is About More Than Just ‘Stuff’ 

People are motivated by all kinds of different reasons to initiate this process. And there are as many different estate plans as there are people in the world.  When you look at it this way, the essence of your plan is not about  STUFF. It’s about achieving your goals to protect, preserve, clarify, and enjoy some peace of mind. 

Getting Started 

So, if you think of Estate Planning as a process that begins with some good questions and goal-planning, does it make it more palatable to get started?  

The other nice thing about a process is that you don’t have to have it all figured out before you start! We’ll help you solve the puzzle of goals, next steps, organization, documentation, updates and miscellany. Book a Planning Goals Discovery Session with us and in a single conversation you can get clear on your best next step. 

* If you DO have an estate that contains a mansion, fountains and topiaries cut into animal shapes, I’m free the weekend of October 19. 😉