The Most Important Dress Rehearsal

Benjamin Franklin said it best, “In this world nothing can be said to be certain, expect death and taxes.” We prepare for our taxes every year.  We also prepare for every major life event, including our graduation, marriage, and the birth of our children, except for one – our last event.

Whether it’s due to a lack of urgency, unawareness of the ramifications, or the inability to face our own mortality, we are ill-prepared.  In fact, 50% of Americans with children don’t have a will and 41% of baby boomers (age 55-64) don’t have a will either.*

Bottom line, you need to prepare if you want to ensure your assets pass to the right people, that your family is taken care of, and that those you love do not become ensnared in a destructive battle over your estate.

Preparation involves organization, careful consideration, professional guidance, implementation and a dress rehearsal.  Here are the steps you need to take:

1. Get organized.  Meet with a trusted financial professional to organize your financial world.  He or she should be able to equip you with the tools, such as your own personal financial website, where you can access everything 24/7.

2. Consider everything.  Your financial advisor should have a discovery meeting with you to:

   • Review how your assets are titled

   • Document your wishes and those of your spouse for the distribution of assets

   • Identify your beneficiaries

   • Discuss arrangements for the care of minor children and pets

   • Review existing legal documents

   • Store important legal and personal documents in a secure, online Vault.

3. Ensure Plans are in Alignment.  Your documents should match what was discussed in the discovery meeting.  If they don’t, or you’re missing something, don’t procrastinate and move onto Step 4.

4. Implement your Plan.  Your financial advisor should accompany you when you meet with an Estate Attorney.  Your financial advisor should also be able to provide you with recommendations for Estate Attorneys from their professional network.

5. Conduct a Dress Rehearsal.  Invite your loved ones and all trusted advisors to a meeting.  Review the plans and make sure everyone understands your wishes and what to do.  Appoint a primary trusted advisor who can serve as captain to:

   • Help administer the transfer of assets

   • Work with your appointed executor to facilitate and communicate details to others

Losing you will be enough for your loved ones to bear.  If you don’t plan for your final event, the transition they’ll face after you’ve passed will be that much harder.  Make an appointment to accomplish these important steps today.

*RocketLawyer.com, March 28, 2012.