Legal Life Plan™ Step 4: Get It Together

Legal Life Plan™ Step 4: Get It Together

  • 28 November 2016
  • Author: IEP Team
Legal Life Plan™ Step 4: Get It Together

It can be hard to articulate your wants and needs when it comes to estate planning. There are so many things to consider, which makes this process overwhelming at times. As you follow along on this Legal Life Plan™ blog series, you will gain a better understanding of why it’s so important to take control of your future now.

The sooner you “Get It Together,” the less likely you’ll have to rely on a government default plan. A default plan does not provide a full scope of options to meet your needs, or those of your beneficiaries when it comes to the possibility of incapacity, long-term care, or your eventual passing.

If you’ve considered getting help from a team of professionals, as suggested in step 3 of the Legal Life Plan™ plan, you will find them to be an invaluable resource as you move into your next task.

Work with your team to gather necessary materials

This step is necessary even if you have a plan already in place. Part of getting it together involves periodically checking your plan to make sure it is up-to-date and correctly designed to achieve your objectives.

If you are starting from scratch, your team can work with you to figure out what is important to you and how you need to prepare. Believe it or not, the biggest challenge in estate planning is being honest and realistic with yourself.

Talk through your concerns, options, and goals

A well-designed plan involves working through the "what ifs" that you should consider. That means talking through strategies that will achieve your objectives, prepare for challenges, provide for your elder care, protect your estate, and protect your family.

Mark’s FREE book Get Real: Planning for Life, Death, and Disability outlines a set of questions to consider during this process.

Customize a plan for action

Once you have a clear understanding of exactly what you need and want to happen, during your lifetime and after, it’s time to work with your team to design a plan to meet your unique needs and objectives.

Be mindful of the way your life, your family, your finances, and your health is now, and how things could change. As you work though the plan it’s important to keep these three things in mind:

  1. How will you protect yourself and your loved ones during your lifetime, especially in the case of incapacity?
  2. What is the best way to transition your assets to your heirs/beneficiaries with the least amount of hassle and time at the least overall cost to you and your family?
  3. How do you plan to protect your legacy, even it it’s a legacy of values and not neessarily valuables?

As you can see, getting it together involves quite a bit of thoughtful planning and coordination. It’s important to take care of this part of your estate planning today, because everything could change tomorrow, including your available options.

If you want a designed plan that truly serves your needs and wishes contact our office. We can help you decide what to do next.

Categories: Estate Planning
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