Inspiring Action: The Guide to Creating or Updating Your Estate Plan

Creating or revising an estate plan can feel overwhelming. No one really likes talking about Death and Taxes. So many people tend to procrastinate – they prioritize other things ahead of estate planning. But the longer you put it off, the more potential there is to be caught unprepared in an emergency. The best time to do it is NOW!

So how can you motivate yourself and your loved ones to begin the process? The easiest way is to call us and make an appointment (as you continue reading this article) – 812.949.1114.

But here are some other strategies to help you overcome those negative feelings associated with this process and meet the planning challenge head on.

Reward Yourself for Your Accomplishments

While the benefits associated with updating or creating a new estate plan are a reward in and of themselves, we can all use an extra push. Sometimes the promise of a small indulgence as a reward can change your frame of mind when initiating the process. However, your idea of a reward may be more substantial and might involve a more significant gift for the entire family to enjoy. What other projects have required extra motivation in the past? How much easier might they have been to complete if you rewarded yourself or your family for their completion? Get inspired with a few meaningful ideas that could serve as a reward:

Plan a well-deserved vacation;
Make a reservation at your favorite restaurant;
Book a family photo session; and/or
Buy the new phone, laptop, computer, or other gadget that you have been eyeing.

The key to an effective reward is personalization – what . Choose something that resonates with you and can serve as a reminder of the importance and the effort you put into completing the estate planning process, which is essential to protecting your family’s future.

Break Your Estate Planning Project Down into Smaller Steps

Though estate planning can be a complex process, and facing it as a whole may seem impossible, it can made easy simply by giving an estate planning attorney a call. A good estate planning attorney will help you walk through the process, and will break the process down into smaller, more achievable steps.

To mHere are the typical, smaller steps to building (and maintaining) your plan:

Learn more about estate planning tools and how they work. Find out what is typically included in a comprehensive estate plan, such as wills, trusts, powers of attorney, and advance directives. Friends, family, Google are good resources to get information. But realize it may not be ‘good’ or ‘right’ information. So while researching, have a note pad to write down the questions or thoughts so the estate planning attorney can address them specifically.
Collect financial information. Gather and organize your financial information, including an inventory of your money, property, debts, and sources of income. List bank accounts, investments, real estate, insurance policies, personal belongings, and more. This is an invaluable step that helps you as well those you leave behind.
Set specific goals for your estate plan. Establish clear goals based on the following factors:
Family structure;
Business and personal financial objectives;
Intentions for protecting and supporting your loved ones after your passing;
Desired lifestyle in retirement;
Wishes for how you would like to be cared for as you age;
End-of-life wishes.
Choose your beneficiaries. Think about who you want to inherit (i.e. get your stuff). Your favorite charity? Your church? Your children and grandchildren? Your BFF? With a rough list of the who, the next question is how. Are there any concerns regarding lawsuits or divorce? Is the person on a government program such as Medicaid? Do you want to add requirements, such as attaining a master’s degree?
Choose your decision makers. Determine the individuals you trust to make financial decisions. These people will be responsible for managing and distributing your accounts and property if you become incapacitated and then again after your death. You will also  determine who are those that you trust to make your health decisions. These people will be responsible for making medical and life sustaining decisions when you are unable. Also for parents with young children, think about the people you would trust as guardians for your minor children.
Review and update an existing plan. If you already have estate planning documents (e.g. Last Will, Power of Attorney, Living Trust) in place, review them for accuracy and relevance. Life circumstances such as marriages, divorces, or births, as well as changes in financial status, usually require updates. Ensure that beneficiary designations on accounts and insurance policies are current. We advise to have your plan reviewed every three years.

By following these initial steps, you will lay a solid foundation for participating in the estate planning process. Each step keeps you on track and moves you toward the larger goal of completing your estate plan.

Tell Someone about Your Plan

Accountability can be a powerful motivator. Share your intention to create or update your estate plan with a trusted friend or family member. This person can offer support and encouragement. They can also check in on your progress so you will be more likely to follow through on your commitment. For some people, simply saying the words out loud or putting them on a calendar also makes the project a priority. Choose the best way to hold yourself accountable.

Use Positive Affirmations

Still feeling reluctant to engage in estate planning? This may stem from deeper concerns or anxieties about the future and your mortality. Counteract negative thoughts and shift your mindset by using positive affirmations to focus on why you may not want to proceed with preparing an estate plan. The following affirmations may help you take the worry or fear out of estate planning by focusing on the positive benefits. You may even want to write out one or two and post them in a place where you commonly look.

I am taking proactive steps to protect the future of my loved ones if something happens to me.
Planning my estate is an expression of love and support for my family.
I value the peace of mind that comes with having a detailed and thoughtful estate plan.
My estate plan provides critical information and instructions that my spouse and children may need in emergencies.
I recognize the importance of making decisions now to ease the burden on my loved ones later.
My estate plan reflects my commitment to responsible financial planning and is a tangible expression of love and protection.
Taking control of my financial and healthcare decisions throughout life is empowering.
I approach estate planning with confidence, knowing it is a positive and necessary step for a happy and healthy family.

Repeating these affirmations regularly can help cultivate a positive mental attitude to get you through the estate planning process. And by combining these strategies, you can develop the motivation for establishing or revising your estate plan.

Making an appointment with an estate planner is the first step. Contact us today to get started.

This blog should be used for informational purposes only.  It does not create an attorney-client relationship with any reader and should not be construed as legal advice.  If you need legal advice, please contact an attorney in your community who can assess the specifics of your situation.

Contributed by Attorney & Partner James P. Plitz Waters, Tyler, Hofmann & Scott, LLC www.WTHSLaw.com

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