Breakthrough Wills and Estate Planning Series

#2 Here’s Where You Start – Take Your First Step

Read my first post in this series, Breakthrough Wills and Estate Planning Series #1 Introduction.

What Is an “Estate Sale”?

What do you think of when you see these words? Probably the possibility of getting a bargain because someone needs to sell in a hurry.

You’re right.

An estate sale sign is a symbol of some of the evils you can avoid by having an effective estate plan.

As a lawyer, I see this sign too often, and many times it’s in connection with an estate planning failure.

It can happen to your loved ones. They can be forced to sell assets to pay taxes or to support themselves.

People always tell me, “I don’t want my money wasted on taxes, legal costs and delays. I want my money to go straight to the people I love.” Taking charge of what happens to your estate will help you make sure that happens.

Picture it looking like this:

You want your hard-earned money going to those closest to your heart. As you read this series, consider this to be the goal of your estate planning. And keep in mind that the more effective your planning is, the better things will be for them.

Let’s say you have bought a home, started a business or made investments to provide for yourself and your family. Have you considered what happens to all of this should you become incapacitated by illness or pass away? You must plan for your loved ones today.

Good intentions and verbal promises are worthless. They will only create trouble for your loved ones. You must take action.

Plan for Loved Ones

Estate – what you leave behind when you die, including your assets and liabilities (this could be a little or a lot). Think of “estate” as another word for your loved ones, the people you want to benefit from your financial wisdom.

Start planning with this simple step. Take a moment to list the people who will benefit from your planning.

• My loved ones:
• Other people I wish to help:
• My favourite causes and animals:

Planning, to be effective, needs clear objectives. Next, you will have the opportunity to be specific about your plan for the people you care about.

But first, if you already have an estate plan, take the following quiz. Don’t be concerned with your answers at this point. You will be able to say “yes” to all these questions by the time you finish your estate plan.

Try This Estate Planning Quiz

Are your loved ones at risk because your estate plan is incomplete? Use this quiz to make sure your estate plan is in good health.

1. I have backup executors and guardians for minor children in my will.
2. I have legally appointed someone to handle decisions for me if I cannot.
3. I have a strategy in place to save probate and income taxes.
4. I have provided for loved ones with special needs.
5. I have a plan to deal with my business if I die.
6. I regularly preview my estate plan to ensure that it achieves my goals.
7. I review my loved ones’ needs so my estate protects them.
8. I have an updated listing of my assets and valuable documents.
9. My life insurance coverage will replace income and cover taxes.
10. My loved ones know where my up-to-date, original will is stored.

Do you need help making your will? Want to get started but not sure what’s involved? I understand and can help you. Contact me for a meeting.

Read my next post, Breakthrough Wills and Estate Planning Series #3 Your Three Wishes – Getting What You Want.

I am a Certified Specialist in Estates and Trusts Law.