What Is Estate Planning?
Before we get into all the boring details about what documents are included. I want to share with you a tactic you can use to begin to comprehend what goes into your estate planning. Its called the "Vacation Rule".
The Vacation Rule is simple. Assume that just you and your spouse are going on vacation in a few days. You will be gone for 2 weeks and no one you are leaving behind knows how to take care of anything. You would likely write down a "how to" manual for taking care of the children and any household pets, how to get the kids ready, what schools they go to, how to check their homework. What numbers to call in case of emergency, any allergies the kids or pets have and where to access emergency funds in case the caregiver needed money for the children.
Now, heres the crazy part. Less than 43% of parents have this type of planning written down for the event that they pass away unexpectedly. Think about what you would be leaving behind in terms of confusion for your surviving spouse, for the future legal guardians of your children.
Now, you can include all of that and so much more in your estate planning trust. Part of all of our estate plans, is something called a Guidance Packet. In this packet you can write down everything we mentioned above, including important contact numbers, usernames and passwords to access online banking, social media, and other important accounts. Additionally, letters to your children's guardians, letters to their trustees and letters to your children directly allow you to write down your exact wishes for what you want for them in life.
If any of this interests you, please contact your new estate planning law firm, the Klimas Law Firm, Denver, Colorado