Make Your Heirs Rich, Not Your Lawyer
May 7, 2010
Say what? Yes, you read that right. It is the title of an article I read at the Motley Fool (read it by clicking here). The main focus of the article is how you want to be remembered after you are gone and how your estate planning (0r lack thereof) can greatly influence your legacy. They put quite an emphasis on wills, which is interesting because many of the more complex situations the article talks about are far better handled through a trust. And in some of the examples, a will is almost completely inadequate. I would also suggest that you review your plan every 3 years, at a minimum, rather than the 5 suggested by the article. Think back three years and ask yourself how much the law, your life, and what you own has changed. Those items change on a regular basis – so should your plan.
I’m happy to see them mention estate planning in the context of disability planning. This is often overlooked . . . sadly, even by some lawyers. Estate planning is not just “death planning.” It is more than that . . . it is ensuring that the right decisions are made on your behalf if you are unable to make them yourself due to incapacity or disability.
What do you think about the article and the issues raised by it? Please feel free to share – I enjoy reading and responding to the comments and emails.
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