Where to Start, and Why

“Because I said so.” We’ve likely all heard it or said it in response to the question “why?” But it’s not a particularly motivating reason to do something. Perhaps that’s why more than half of us do not have a will or other estate planning documents in place. . . we hear that we should, but aren’t sure why. Answering that question is really the starting place. 

To answer “why”, let’s consider some other questions:

• What happens if you become incapacitated and unable to handle financial or healthcare related matters? Who would you want to make those decisions for you? While we may think of this as a decision that can be delayed until late in life, illness or injury can result in incapacity at any age.   
• Do you want to ensure financial security and peace of mind for your family? Are your life insurance and retirement plan beneficiaries up to date? You are never too young to start planning. Having a plan in place protects your family from having to make difficult decisions during their time of grief. 
• Do you have children from a prior marriage or a sibling you’re supporting? Do you want to make gifts directly to your grandchildren? Do you want to create any legacy gifts for charity? How you would choose to distribute your assets might differ from what would happen if you were to die without a plan in place. 
• Are there things you own that you want to go to a specific person? Maybe your stamp collection, the decorative plate hanging in your kitchen, or the memento from the family cross-country trip that makes everybody smile? While sometimes the value of such items is monetary, often it is purely sentimental, and they are frequently the most contested items in an estate. 

So why should everyone take time to create an estate plan? Because each person’s situation is unique, with specific concerns and priorities. And the place to get started is to consider what those are, and then begin the discussion with your attorney on how to address them in your plan. And if he or she asks, “Why did you come to see me?”, you’ll be ready with the answer, “Because I have some specific needs to address.”

If getting your finances in order or retirement planning is on your to-do list, we can provide you with creative gift strategies on how to approach financial planning for your future, your loved ones and Fairfield University.