Estate Planning Equals Freedom
Here’s Why an Estate Plan Is Your Declaration of Independence
This week we celebrate the Fourth of July. As you know, the Fourth of July represents freedom, independence, and the pursuit of happiness. But, don’t forget, estate planning equals freedom as well. Estate Planning gives the right to decide your own affairs, even after death or in the event of incapacity. An estate plan, specifically a Life & Legacy Plan, is the way to express your liberty. It’s your personal Declaration of Independence. I know; it sounds weird. How in the world can an estate plan give me freedom?
Here’s How
Your estate plan preserves your self-determination, protects your family, grows your wealth, and defines your legacy on your own terms. Over two centuries ago, the Founding Fathers declared freedom from the British crown. Similarly, your estate plan declares your autonomy from the courts, state laws, and conflicting viewpoints that could unravel your final intentions. Read on to find out how.
You Have a Plan: It Just May Not Be What You Want
The first thing to know is that you already have a plan for what happens in the event you become incapacitated or when you die. You may not know what that plan is. And, perhaps even more important, you may not like what that plan is!
The I Have No Will or Trust Plan
You see, the government has created a plan for you, without your input. That plan is the Intestacy Statute. That statute has already determined who will inherit from you if you do not have a will or trust in place. It does not matter if you like those persons. If you have no will or trust in place, the law will decide who gets your property.
You Have a Poorly Written Plan
Or, you may have already created your own plan. But, you don't really understand the choices you made. If you have a plan, have you updated it recently? And, you may not even own your assets in a way that has them covered by your plan.
The Difference A Well Written Plan Makes
When you have a good Estate Plan, you get to choose what happens to your things after you die. Instead of the government deciding, you make the decisions. You can decide who gets your things, like family members or close friends. You can even give some of your things to charities you care about. This way, your wishes are followed exactly.
With a well written estate plan in place, you maintain that plan throughout your lifetime. So, as your assets change, your life changes, and the law changes, so does your plan. It grows with you, rather than becomes stale and outdated over time. Because you aren’t a stagnant human. You are evolving, changing and likely growing. Your plan needs to evolve, change and grow along with you, otherwise it’s not even worth the paper it’s written on.
The Liberation of Making Your Decisions With Eyes Wide Open
Planning for times when you might be too sick to make decisions, or for when you die, is like planning for a better life for you and your loved ones. You might not think of it this way, but consider this scenario. If you know you will die someday and might get very sick before that, and you want your family and things taken care of, wouldn't you make better choices with your money and things while you are alive?
Eyes Wide Open Decision Making
We call this “eyes wide open” decision-making. Eyes wide open decision making leads to the most optimal use and allocation of your resources throughout your life, and makes things as easy as possible for the people you love, in the event of your incapacity or death.
For example, consider how you want to be cared for in the event of your incapacity. Now consider writing down those choices. This way, you can make sure you have friends or family who can help you. And, there is enough money to pay for your care or your kids' care. If you don't plan, you leave it to chance or a judge to decide. We call this "eyes squeezed shut /pretending it won't happen” thinking. Such thinking is not a mature, responsible or kind way to take care of yourself or the people you love.
The Power to Choose
The best thing you can do for yourself and your loved ones is to plan ahead. Decide how you want to be cared for if you can't care for yourself. Choose who will make decisions for you. State how you want those decisions made. Also, make a list of what you have and where to find it. This helps your loved ones know what to do.
A well written Estate Plan helps you decide what happens to your things and who takes care of you if you can't. It doesn't matter if you have a lot or a little. Your loved ones will still need to manage it. Making these choices now while you are alive and healthy makes it easier for them later, especially when they are sad or grieving.
Special Situations
With our help, you can also plan for special situations . Maybe you have children or spouses from previous marriages? Or, you have loved ones with disabilities or family members you don't want to include. We can help you plan for and/or around those situations.
With a well drafted Estate Plan, you make sure your things go to the right people. No more worries about assets getting unfairly split or ending up in the wrong hands.
Holding a Family Meeting
You may wish to consider a family meeting after your Estate Plan is finished. Holding a family meeting unites your loved ones around a shared understanding of your intentions. A family meeting stops arguments and misunderstandings about your wishes. Your Estate Plan empowers you to make things easier for yourself and your loved ones when you are unavailable.
A Declaration of How You Want to Be Remembered
Your Estate Plan represents your final declaration of the values and life experiences you'll impart to loved ones and the world at large. Use this opportunity to put your final stamp on how you want your individuality and life's purpose remembered. Avoid leaving it up to chance, or leaving a legacy of mess and drama.
Consider including a Life & Legacy recording that guides you to express your deepest hopes, guiding wisdom, and ethical frameworks acquired over decades of successes, struggles, and personal growth. You will share cherished stories, meaningful quotes, and carefully-cultivated philosophies that give your life meaning. The Life & Legacy recording is the most meaningful gift your family will cherish and carry into future generations.
Declare Your Own Freedom
So, this Independence Day, make your own personal declaration of freedom by establishing your own comprehensive Life & Legacy Plan. Take pride in exercising your liberties to the fullest by removing all uncertainties over your final affairs and ensuring your true wishes will be honored.
Let Us Be Your Life & Legacy Planning Partner
As a Personal Family Lawyer Firm, Estate Planning is all we do. We work with you to craft a plan on your terms. We take into account what you want, not what someone else has decided for you. And once you’ve created your plan, you can rest easy knowing your wishes will be honored, your loved ones cared for, and your legacy preserved.
Contact us to learn more about how we help you exercise freedom over your own choices. Click here to schedule a consultation:
This article is a service of Kristen N. Mackintosh, The Happy Lawyer at Mackintosh Law, PLLC, a Personal Family Lawyer® Firm. We don’t just draft documents; we ensure you make informed and empowered decisions about life and death, for yourself and the people you love. That's why we offer a Life & Legacy Planning Session™, during which you will get more financially organized than you’ve ever been before and make all the best choices for the people you love. You can begin by calling our office today to schedule a Life & Legacy Planning Session™.
The content is sourced from Personal Family Lawyer® for use by Personal Family Lawyer® firms, a source believed to be providing accurate information. This material was created for educational and informational purposes only and is not intended as ERISA, tax, legal, or investment advice. If you are seeking legal advice specific to your needs, such advice services must be obtained on your own separate from this educational material.
