Many people approach us with a common misconception: the belief that estate planning is simply about signing documents. Although you will have to do that, this perspective is shortsighted and misses the essence of what accurate estate planning entails. Understanding the fundamental difference between having a plan and possessing legal documents is vital.
Looking Beyond Documents
Estate planning is a highly personalized process delivered by experienced attorneys who move beyond the cookie-cutter approach. Unlike the static nature of each document, an estate plan is dynamic. It caters specifically to an individual’s unique needs and circumstances. When we meet with clients, our initial question is, “What brought you in to see us?” This isn’t a casual inquiry. It’s the starting point of uncovering the real concerns and fears that keep you awake at night. These concerns are what your estate plan gets built around.
How We Work
Our approach begins with a comprehensive questionnaire that asks about your income, assets, dependents, debts, and liabilities. More importantly, it seeks to understand your concerns. Interestingly, the concerns clients vocalize during our first meeting often reveal more depth and honesty than what’s captured on paper. This initial honesty is crucial as it guides the tailoring of your estate plan, ensuring it addresses your specific concerns and goals.
Part of our process involves reviewing any existing estate planning documents. This isn’t just a cursory glance; we identify potential red flags and discuss your best options. One common issue is the unintended consequences of a poorly designed plan. These include unnecessary tax burdens or legal complications that could have been avoided.
We ensure clients leave our office with a thorough understanding of the ‘why’ and the ‘how’ behind their estate plan. This lays the foundation for informed decision-making. Understanding the implications of each of your decisions is critical for its success and your peace of mind.
Estate Planning is an Ongoing Journey
It’s crucial to recognize that estate planning is not a one-time event. You’ll receive a binder containing all the elements of your comprehensive estate plan. Remember that as your life changes, so should your estate plan. We recommend reviewing your plan every three to five years or after any significant life event. What constitutes an important life event? Use the 6 Ds as a reference:
- Diamonds (marriage)
- Diapers (children)
- Divorce
- Downsizing (retirement)
- Disability
- Death
Disability is an often-overlooked aspect of estate planning, which is preparing for potential incapacitation. It’s about safeguarding and respecting your wishes, even when you cannot articulate them yourself.
Cocheco Elder Law
Estate planning is a deeply personal, ongoing process that requires more than just drafting documents. It’s about creating a plan that reflects your unique circumstances, wishes, and concerns. The team at Cocheco Elder Law is committed to guiding you through this journey with compassion, support, and a clear focus on your legacy. Remember, informed decisions are made when there’s a comprehensive understanding of the plan’s implications. Contact us today to set up a consultation.
Tom Torr
Latest posts by Tom Torr (see all)
- Beyond the Diagnosis: What Happens Next? - October 15, 2024
