How Could This Go Horribly Wrong? Lessons in Estate Planning Part 1, Ep #295

Bret and I recently reviewed all of our clients’ estate plans this spring and, as a result, we have so much to share with you about what we learned. It was so much that we had to break it into multiple episodes!

If you are curious about how this sort of meeting goes and wish that you could be a fly on the wall, you won’t want to miss this episode.

Today we’ll discuss why you need to ask yourself what could go wrong, why it’s so important to consider where your documents are located, why you may want to consider having your medical power of attorney or living will a digital document, and how an executor is a mini dictator.

Everyone needs an estate plan. Listen in to hear what you need to consider when you create or update yours. Click To Tweet

Outline of This Episode

[2:02] Having your estate planning docs in order can help you sleep better
[4:14] Don’t create complexity by trying to keep things simple
[9:17] Where are your documents located?
[12:38] How can your kids prove to a hospital that they can make medical decisions on your behalf?
[14:24] Commonly misunderstood ideas about estate planning
[25:01] The pros and cons of having co-powers of attorney or individual powers of attorney

Ask yourself, how could this go wrong?

We’ve all heard nightmare stories of families being ripped apart by poor estate planning after the death of a loved one. You don’t want that to happen after you pass. That means that you need to carefully consider how you create your will.

By asking yourself how can this go wrong you can save your loved ones additional heartache.

The way to streamline your will to make it easier is to be specific. Many people think that leaving their wishes broad and open will make the will simpler, but by trying to be simple you will create complexity and potential misinterpretation by leaving your wishes open to interpretation.

You can avoid this by clearly communicating with your heirs and then by adding written, notarized documentation in your will. Try thinking about what your wishes would look like if you could wave a magic wand and implement them.

Remember, if it is not written down, it didn’t happen. Click To Tweet

Don’t lock your keys in your car

Does your executor or medical power of attorney know how to access the key documents they need? Can your medical power of attorney access the documents quickly? They may need to make critical life-saving decisions or access funds to keep the lights on. To do so, they’ll need to be able to quickly get to the documents they need.

Think about whether your executor will be able to access your safe or your safety deposit box. Are the documents they need to prove their status in the safety deposit box?

If you want your executor or medical power of attorney to successfully do their job, you’ll need to allow them to access the tools they need to set them up for success.

Does your executor or medical power of attorney know how to access the key documents they need? Click To Tweet

Learn how to save tens of thousands of dollars,

You won’t want to miss the next episode in this series where we share an estate planning idea that could save you tens of thousands of dollars in taxes.

If you have been a long-time listener you may wish to become our client. Good news! We have new client appointments available starting this summer. If you would like to see if we would be a good fit for your family, use this link to set up a free 20-minute Zoom consultation.