The Rumor

I recently heard a popular estate planning guru boldly make the following statement: “Everyone should have a living revocable trust.” Because of this person’s popularity in social media circles I saw many blind followers respond in ‘knee jerk’ fashion by spending several thousands of dollars to creatively construct living trusts to distribute their assets when they die.

Don’t get me wrong, I’m not opposed to living trusts (sometimes called inter-vivos trusts).They can be helpful estate planning tools. I have created numerous living trusts myself. What I am opposed to are short sighted statements that presume ‘one size to fit all’ no matter what they be.

The Journey

Because one size does NOT fit all, I recommend that you take a trip with me ... an excursion to discover an estate plan tailored to fit your needs and objectives in your unique situation. What follows are ten (10) preliminary questions ... ‘Way Points’ if you will ... that need to be visited on our journey  ...

1. Are you married? ... if so is it your first marriage?
2. Are there any children, and if so, what are their ages? ... are they the children of your present marriage? ... are they natural, adopted or step children?
3. If there are minor children, who would you like to be the caretaker/guardian of said minor children if spouse pre-deceases you or is unable (e.g. under disability) to do so?
4. Who would you like to handle the business affairs of said minor children if spouse pre-deceases you or is unable (e.g. under disability) to do so?
5. What is the estimated value of your estate including life insurance benefits, investments, anticipated inheritances and jointly held property and bank accounts?
6. Are there any specific bequests (i.e. gifts) you would like to initially make (e.g. family heirlooms, coin collections, jewelry, cash, etc.)?
7. After the above listed individual gifts, to whom would you like to give the remainder of your estate?
8. Who would you like to be your Executor/Administrator/Trustee?
9. Is there anyone in particular that you would like to disinherit?
10. What is your current level of income? Do you anticipate it to change,  if so, when and how?

These are but a few preliminary questions that need to be discussed prior to drafting your estate plan ... one that is specifically tailored to fit YOU!.

I would like to take you with me on this journey ... What I have given you is a roadmap of where I would like to take you for the next several months. Our first stop will be at Way Point #1 “Marriage.”

So buckle your seatbelts! ... And remember, on this journey, we DO allow back seat driving ... simply tell me if you want to take a temporary detour by sending me your comments and/or questions. We are about to explore that wonderful world of ‘Estate Planning.’ Your scenic tour awaits you!