Will Your Estate Plan Work When Your Family Needs It?
Kristen Harrington Boone
Helping busy families maintain a life of prosperity & wealth by ensuring that their estate plan will work when their loved ones need it most. Estate Planning I Trust Administration I Probate
Will Your Estate Plan Work When Your Family?Needs It?
Like most people, you likely think estate planning is just one more task to check off your life’s endless “to-do” list.?You can shop around and find a lawyer to create planning documents for you or create your own DIY plan using?online documents.
Then, you’ll put those documents into a drawer, mentally check estate planning off your to-do list, and forget about them.
The problem is, estate planning is more than just a one-and-done type of deal.
It will be worthless if your plan is not regularly updated when your assets, family situation, and laws change.
Failing?to update your plan can create problems that can leave your family worse off than if you’ve never created a plan.?
The following story illustrates the consequences of not updating your plan, which happened to the founder and?CEO of New Law Business Model, Ali Katz. Indeed, this experience was one of the leading catalysts for her to?create the new, family-centered model of estate planning we use with all of our clients.
A Game Changing Realization
When Ali was in law school, her father-in-law died. He’d done his estate planning—or at least thought he had. He?paid a Florida law firm roughly $3,000 to prepare an estate plan for him, so his family wouldn’t be stuck with the?hassles and expense of probate court or drawn into needless conflict with his ex-wife.
And yet, after his death, that’s exactly what did happen. His family was forced to go to court to claim assets that?were supposed to pass directly to them. And on top of that, they had to deal with his ex-wife and her attorneys.
Ali couldn’t understand it. If her father-in-law paid $3,000 for an estate plan, why were his loved ones dealing with?the court and his ex-wife? His planning documents were not updated, and his assets were not even correctly titled.?
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At Boone Legal, we are here to make sure you are setting your family up the RIGHT way!
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If you feel like you need guidance, we offer a Family Wealth 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.
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