Estate Planning for Peace of Mind
Peace of Mind
It’s a phrase we bandy about. But what does it really mean?
The answer is deeply personal and varies from person to person. For me, peace of mind comes from knowing I have provided well for my family, whether it is my teenagers or pets. When I take my Golden Retriever for a long walk in the morning, I know I have given him the exercise and attention he needs before I head to the office. When I prepare a healthy and delicious dinner for my family, I feel a little better knowing those vegetables may be combating whatever my teenagers decided to eat for lunch. These are small things, but they give me a sense of calm because I know I have done what I can to take care of the people who depend on me.
What does peace of mind mean to you?
Perhaps it is knowing your family is secure, your finances are in order or the people you love will be cared for no matter what the future holds. I am fairly certain that few people hear the words peace of mind and immediately think of a visit to their attorney’s office. We tend to associate attorneys with problems — someone we call when something has already gone wrong.
Changing the Perception
Estate planning is different. Instead of waiting for a difficult situation and then searching for a solution, estate planning lets us prepare before the actual problem arises. Think of it as another form of healthy maintenance. We exercise, visit our doctors, make thoughtful financial decisions and try to take care of ourselves because we know a little preparation today can make a tremendous difference tomorrow. Estate planning deserves a place on that list. While it may not be the appointment you are most excited to put on your calendar, completing an estate plan can bring an enormous sense of accomplishment and relief.
Four Ways Estate Planning Can Bring Peace of Mind
- Knowing the people you love will be provided for
You have spent a lifetime building what you have. An estate plan allows you to decide where those assets will go and how they will benefit the people and causes that matter most to you. For some, that means providing for children or grandchildren. For others, it may mean caring for a loved one with special needs, remembering a close friend, supporting a favorite charity or leaving a gift to an organization that has made a meaningful difference in their life. Whatever your priorities may be, thoughtful planning allows your wishes — not uncertainty — to guide what happens to your legacy.
- Making things easier for those you leave behind
Losing someone is difficult enough. Your family should not also have to wonder what you wanted or struggle unnecessarily to settle your affairs. Without proper planning, assets may have to pass through probate, the court-supervised process of administering a deceased person's estate. Depending on the circumstances, that can involve additional time, expense and court involvement. A well-designed estate plan can simplify matters and help give your loved ones a clearer path forward during an already difficult time.
- Eliminating uncertainty
Estate planning is not only about what happens after death. It also allows you to answer important questions while you are here. Who should make financial decisions for you if you cannot make them yourself? Who do you trust to make health care decisions? Who should care for minor children? How should your assets be managed for the people you love? These are deeply personal decisions. Making them in advance can provide comfort not only to you, but also to the people who might otherwise be left to make those decisions without your guidance.
- Protecting your privacy and your wishes
Your estate plan is an opportunity to make thoughtful decisions about your family, finances and legacy on your own terms. Families are complicated, and no two estate plans should look exactly alike. One beneficiary may need greater protection or assistance than another. You may have charitable intentions that are important to you. There may be family circumstances you would rather keep private. Thoughtful planning allows those individual circumstances to be addressed intentionally and with care.
Your Estate Plan Is Part of Your Legacy
At its core, an estate plan is simply a collection of documents that puts your wishes into action. It includes documents addressing how property should be distributed after death, such as a will or trust, as well as documents identifying who may assist with financial or health care decisions if you become unable to make them yourself. But an estate plan represents something larger than the documents themselves.
It is an act of preparation, an act of care and ultimately, an investment in your legacy.
And just as our health needs change throughout our lives, our estate plans should change with us. Marriage, children, grandchildren, retirement, changes in assets, the loss of loved ones and changes in charitable priorities can all be reasons to revisit a plan.
Peace of mind does not come from knowing exactly what the future will hold. None of us have that luxury. It comes from knowing that we have thoughtfully prepared for it. And perhaps, the next time you think about what brings you peace of mind, meeting with your estate planning attorney will not seem quite so out of place.
About the Author
Megan M. Kelly
Attorney at Law, Founder | MMK Law
Megan is an attorney licensed in Florida, Colorado and the District of Columbia. Her firm, Megan M. Kelly, Attorney at Law, P.A., or MMK Law, with offices in Naples, Florida and the Denver Tech Center in Colorado, focuses on helping clients streamline the distribution of their wealth with probate avoidance techniques. Her team also assists clients with business succession planning and trust and estate administration. They affiliate with Spencer West to provide a broader resources for clients with cross border and corporate needs.
The opinions expressed in this article are solely those of the author and do not reflect the views or endorsements of the American Heart Association. The Association does not endorse or assume responsibility for any information or opinions presented in this article.
