A hard conversation about estate planning

My favorite question at a party after everyone has had a drink is as follows:

"Nick, why do I need a will? I don't have an estate. You just want to charge me a bunch of money for something I don't need."

My usual response is to threaten to raise your children as my own. Suddenly, everyone wants a will, and begins grabbing their coats and running to the door... after calling the babysitter to check on the kids.

I know what you're thinking. Yes, my wife and I attend wild parties where our very supportive friends make provocative statements about estate planning. I can't even tell you what was said about revocable trusts while the spinach dip was flowing.

The truth is that if you know precisely when you are going to pass into the great beyond and are planning to personally give all of your possessions and children to your friends and family before that moment, then you should not worry about a will. You should stop reading this now, but make sure you are at my next wine and spinach dip party. I know some people that would love to speak with you.

A will is not a panacea for all of the issues that will undoubtedly flood your friends, family, and business associates when you pass. But, it's not a bad place to start. Start now. Mortality is a tough concept to digest at a young age. Many of my younger friends admit to needing a will and some estate planning, but assume they'll get to it once they have matured a bit. I'm sure Prince felt the same way. Honestly, mortality is a tough concept to wrestle with at any age. Many of my older friends are dealing with aging family members and wish they dealt with estate planning issues while everyone was in a better place physically and mentally. In short, unless you're a french philosopher who rejoices in the absurdity of life, having candid conversations about death and disability will not make you the life of a wine and spinach party.

Wills, trusts,business succession plans, powers of attorney, advance directives, HIPPA authorizations. . . all of these documents can aid in providing clarity in times of medical crisis and the loss of a loved one. Estate planning takes time. Have a hard conversation now with your family. Serve wine and spinach dip. Please don't serve your children wine. Then call me, and we will create a personalized plan to meet your needs and wants.

#wills #trusts #advancedirectives #businesssuccessionplans #powersofattorney #estatelaw #elderlaw #legacy