When it comes to estate planning, no two plans are the same. Although there are common documents used in estate plans and common tactics employed, at the end of the day, estate plans are as unique as the individuals who create them. For this reason, your estate plan should not simply follow a script. In fact, a military approach to estate planning often works best believe it or not.
In the military as well as law enforcement, scenario planning is used to plan for, and predict, outcomes. This is precisely what should be done when it comes to estate planning. For example, instead of simply deciding that you want your assets divided equally between your two children, stop and imagine various scenarios that could occur if you do that.
What happens if one of them predeceases you? What happens if one of them ends up in the middle of a nasty divorce where your assets could end up going to a spouse? What happens if you leave everything to your spouse and he or she remarries down the road and has subsequent children with the new spouse? Where does that leave your assets and your children?
The point here is that creating a comprehensive estate plan takes time and thought. While it may be impossible to plan for every conceivable scenario, you can cover the vast majority of them if you put some thought into it and consult with an experienced estate planning attorney.
- My Parent/Spouse Shows Early Signs of Dementia. Can We Still Do Medicaid Planning? - July 20, 2015
- What Happens to a Living Trust When One Spouse Dies? - July 13, 2015
- Medicaid Spousal Impoverishment Rules - July 7, 2015