Personalization is the key to an effective estate plan. The best estate plan is one that reflects your goals and values, minimizes risk for the beneficiaries, and addresses the specific circumstances of your life.
Let’s talk about “Sam”. Sam is a Giants fan, as was his father, his grandfather, his uncles and he hopes his sons will be soon. Sam wants to be taken to the ballpark until he is a danger to others. He wants to sit in his season ticket holder seats, surrounded by his family and friends, until the very end. Why? It’s because of his love of the game. It’s because of his love for his family. Baseball is at the core of the emotional connection across the generations for the men in his family. The ballpark is where they laugh and cry and celebrate and commiserate. It is where they tell each other hard truths and share life’s defeats – all while keeping their eyes firmly on the batter. It is critical to transfer Sam’s interest in his season tickets to his trust, to ensure that the trustee continues to pay the annual dues and that the tickets are then distributed in a way that will allow this tradition to continue. And, of course, Sam’s durable power of attorney and his advance health care directive make it very clear that extraordinary measures should be taken to allow Sam to attend as many games as possible with his family.
Work with an attorney who asks you a lot of questions about yourself, your values, and the people in your life (including their personalities, positive attributes, frailties, and struggles). Your estate plan does more than state who gets your assets when you die. Your estate plan is an opportunity for you to share your values and express your love for and trust in the people that are most important to you.Published in