Estate Planning

Even Estate Planning Attorneys Have An Estate Plan

By Jennifer Sawday

One of the key mantras in life is to do for yourself what you advise others to do.

So, if you meet with a financial advisor with young kids who is pushing an education (Coverdell) IRA, 529 savings plan or other product to save for college expense -- ask if he or she has their own college expense plan in place for their own children. Same idea for those who sell life insurance or even long term care insurance. (Dare I mention doctors who pitch laser eye correction surgery or derma products like botox?)

Someone pitching a product should wholly endorse the product to the extent that they even have it in one place (or use it) themselves.

Of the four attorneys at TLD who offer estate planning services to our clients, each of us has our own estate plan in place. We feel very strongly based on our experiences as attorneys, whether in practice for 8 years or 20 years, that an estate plan is a must for every individual.

Remember an estate plan for most individuals and families includes a Will (a pour-over Will is often used), a Revocable Living Trust (especially if there is real estate), Durable Power of Attorney for Financial Affairs and an Advance Health Care Directive. These four documents should be in place for every one and updated as changes occur in life. Changes such as divorce, death and new babies often require the estate plan to be updated.

Do you have yours?

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Estate Planning, Probate and Trusts involve complex areas of law. Individual circumstances must be considered before any advice can be given.  The general information above is not to be construed as legal advice, which can only be given after consideration of the unique facts of each matter. Please seek the advice or counsel of your attorney, financial advisor or CPA as it may be appropriate.

Full post as published by Estate Planning Practice Blog on August 27, 2008 (boomark / email).