29 May Estate Planning Is About Family Planning
Estate Planning Is About Family Planning
May 29, 2013
By: Barry E. Haimo, Esq.
Basic estate planning typically includes a last will and testament, one or more revocable trusts, a power of attorney, health care surrogate and a living will. These documents prepare you for both during life and after death. People dismiss the urgency of planning because of the morbid thought of death. What they fail to realize is that planning is about life. It’s also about planning for the end of life. More importantly, it’s about having a plan so you’re ready for whatever life brings. It’s not just about you, it’s about your family because it seriously affects their lives too. In addition, people confuse family planning with family law, which everyone immediately thinks “divorce, prenuptial agreements and postnuptial agreements”.
In addition to deferring it due to the morbid thought of death, people dismiss the thought because they don’t think they have an estate. That being said, the term” estate planning” is a misnomer. Most people have the misconception that they don’t have an estate because they do not live in a mansion with a mile long driveway with an adjoining guest house and a butler. The reality is that estate planning encompasses planning for both during life and after death, and it touches arguably everyone. It’s not just about end of life planning. It’s more appropriate to characterize estate planning as family planning, because families are made up of people with dynamic relationships. Every family has assets, creditors and medical and health concerns. What is common to all families is their desire to have a good life. What is also common is the unspoken desire to have a good end of life, and for their families to have an easy transition when they are gone. Here’s a short yet really insightful video that hits the nail on the head.
Barry E. Haimo, Esq.