Establishing an effective planning process with your estate lawyer is very important. Most estate lawyers will say, “Without proper planning…[fill in the blank].” But they don’t walk you through what that means or how you will know if you’ve actually set up a proper plan. They focus on what happens without the plan and leave it to you to fill in the blank that they can do it for you. They are selling fear, then selling themselves as the solution.
The fear is that without the plan, your children could be placed in CPS. A judge can decide who will raise your kids. A portion of your assets could be lost to probate. Your children’s financial inheritance can be poached by morally questionable “wealth planners” when they turn 18. In fact, the harder we think, the more we can bring to the table as potential reasons for you to be concerned. There are more things to be afraid of than are even reasonable to discuss.
Having a Proper Plan
So what does it mean to have a proper plan? How is reframing the discussion about establishing a plan better than discussing the fears about not having one? Well, first, having a plan effectively mitigates the scary scenarios above. A proper plan also has other tangible and intangible benefits.
A proper plan takes a weight off your shoulders. It gives you confidence and removes stress from your already busy plate. It is also good for your family. A plan demonstrates to them in a direct way that you are planning for the worst case. And for your growing family, it demonstrates the value of looking into the future and planning contingencies for the potential worst cases.
It has to Work for You
In addition to how it makes you feel, a proper plan is also one that works. The plan will work in the situations that you foresee, and maybe the ones that you don’t. It will reflect the needs of your family today, as well as in the future. It will be a custom plan. And it will be an up to date plan. This is where LCL really makes a difference. We build custom Kids and Estate wealth plans based on your needs. And we do it based on getting to know you and your family today and in whatever tomorrow brings.