I went to a seminar this week on Family Governance. This is a really important
concept in developing a comprehensive plan for yourself and your family
both during your lifetime and afterwards.
The whole point of the seminar was to address the reality that each family
has strengths and weaknesses, and that
families that do not squander their wealth (however big or small) generally
are those that - 1) work together and 2) recognize their strengths. A truly comprehensive advisor should be helping you address these issues,
and not just managing your money.
Estate Planning is a piece of the overall comprehensive plan. It serves
the purpose of protecting you and your loved ones when you become incapacitated,
and properly distributing the greatest proportion of your assets to whoever
you want, the way you want, when you pass away.
One of the biggest issues that we encounter is that many families procrastinate
when it comes to dealing with estate planning issues. How many times has Mom and/or Dad thought to themselves or even expressed,
that they "should probably review their Wills or their Trust."
Yet, it never gets done. Many folks don't even have their basic documents drafted.
The reason for this is that we tend to procrastinate taking care of issues
that are uncomfortable to think about. The problem is that this can result
in major problems with the family. When the estate plan, or any piece
of your overall comprehensive planning hasn't been properly addressed
or updated, families suffer later on. The kids are left to pick up the
pieces and often times the process gets very expensive.
Worse yet, lack of preparation can cause fights amongst the family.
So, make an effort to avoid potential problems. Don't make the assumption
that everyone will just figure out how to handle things because they all
get along now. A properly designed and executed plan can save you and
your family a lot of grief.
Contact a qualified financial advisor for financial advice (my estate planning
law firm does not provide financial advice), and browse our website for
more information about us. As an Estate planning attorney, I can work
with a good financial advisor to create a comprehensive estate plan that
takes into account your family's needs.