Too many people learn the hard way why it's critical to have an estate plan in place long before it's needed. A well-titled article, "Plan for Now, Adjust Later: Create Your Estate Plan Before It's Too Late" from Farm Journal's Pork, makes the case for getting started with your estate plan, even if the time may not seem exactly right.
The estate planning attorney who spends their days preparing clients for their own passing or helping them navigate the problems that arise when a loved one hasn't had an estate plan focuses on getting people the help they need. They are not squeamish about death or the issues arising around dying. This is an asset for families.
The goal is to have a plan in place right now in case you die tomorrow. If you don't die and get to see how your children or grandchildren grow up, you can always adjust the plan. The problem with "later" is that it often turns into "never." Having a plan that fits your life today is the goal—and updating it when necessary is always available.
There's no cookie-cutter approach to an estate plan. What your brother-in-law did is not necessarily right for you and your family. An estate plan must be customized for your family, your assets, your goals and your business. People often hear something a neighbor or friend has done and apply it to their situation. In most cases, this leads to epic estate planning disasters.
A common question for farmers and business owners: Do you want children who are not involved with the farm or the business to have their shares bought out by those who are in the business or working the land? Should the involved children be required to buy out their siblings? Will part of their inheritance include the buy-out? Making these decisions while the parents are still living can prevent family battles and lost relationships.
Estate planning attorneys are often the ones who give farmers and business owners permission to treat children fairly, rather than treating them equally. Different children have different needs and different situations. An objective viewpoint drawing on years of experience is invaluable when these situations arise.
A key part of an estate plan is communication between parents and children. Transparency while you are living can prevent estrangement, entitlement and lawsuits between family members. If someone thinks they are going to inherit a certain portion of your estate, they may be making plans based on it while you're still living. Without a conversation, which could include a feisty meeting in an estate planning attorney's office, there won't be time for the family to come to terms with the parent's decisions.
A farm family or business owner needs to have a last will and testament, a power of attorney so someone else can make legal and financial decisions, a healthcare proxy for medical decisions, a living will for the parent's end-of-life wishes and a HIPAA Release form to access medical and health insurance information.
Consult with an estate planning attorney so your legacy includes keeping your family together, rather than one fractured over an inheritance. Then enjoy the peace of mind that comes from knowing you've given your family a gift of clarity and compassion.
Legacy One Law Firm, APLC is an estate planning and probate administration law firm in Los Angeles, California, serving families throughout the State. Schedule a quick and easy consultation with our estate planning attorney, Sedric E. Collins, Esq., or call 323-900-5450.
