I’m gearing up for tonight’s Financial Intimacy Hour with my guest Lori Anne Douglass, Esq. We’re tackling that topic I talked about last week – the one most would prefer to avoid.
I addressed how estate planning isn’t just for the rich or just about death, and how it is really an act of love. If you missed that post, click here.
As timing would have it, on the day I published that piece I had dinner with a friend I hadn’t seen in awhile. In the process of catching up, I, naturally, invited her to join us tonight. And, she – a single mother, homeowner, and business owner – shared she didn’t have a Will.
My reaction: GASP!
Her response: “Why do I need a Will; won’t everything automatically go to my son?”
She’s not alone in this sentiment. According to a new Rocket Lawyer-Harris survey, 64% of Americans don’t have a Will.
But, ironically, not having one isn’t really the biggest mistake my friend is making (and many others like her): ONLY having a Will is!
At a minimum, there are three other documents that you need in addition to your Will. This is an oft overlooked misstep.
And so is having an outdated plan.
Depending upon what source you reference, the number of people without an estate plan ranges from 50%-70%. But perhaps you fall in the 30%-50% range of people who actually DO have one. If true…
…is the plan you have the one you want to have?
Both Paul Walker and Philip Seymour Hoffman had estate plans created – in 2001 and 2004, respectively. However, their tragic and untimely deaths put this common estate planning blunder of not having a current plan front-and-center for a number of “costly mistakes” articles.
Above, I’ve just shared two obvious and not so obvious estate planning mistakes. During my conversation with Lori Anne tonight, we’ll flush out a few more. Of course, along with what to do instead and why these actions are important.
Admittedly, I have no clue what in the world “conscious uncoupling” means, but I do understand the need for having a conscious approach to estate planning.
- It’s how you organize your personal + financial affairs.
- It’s how you address the mistakes you know you’re making AND become of aware of the mistakes you don’t realize you are.
- It’s how we each contribute to the dismantling of the misconception that the estate planning process is only for a certain few or relevant to a narrow set of circumstances.
- It’s how you ensure you don’t fall prey to the “someday, one-day” mentality that can grip you and lull you into procrastination mode until it’s too late to be thoughtful, intentional, and strategic.
- It’s how you get to know yourself even more intimately. Estate planning invites you to ask yourself some probing questions and take stock about what and who is most important to you. (See, I told you it was about love – and that includes self-love!)
- It’s how you put on your big girl or big boy pants and take the reins to control how you experience life and money – and not just sit on the sidelines “taking” whatever comes your way. I realize you may not take a passive approach in other areas of your life, but for some, money makes them a little gun-shy. If this is you, let’s stop this pattern now, shall we?
Thinking of estate planning as an act of love isn’t a matter of semantics for me. Nor is looking at it as a testament of self-love. I truly believe this and want others to hop on the bandwagon with me. And that includes YOU!
I am SO excited for tonight, and if you haven’t registered I hope you’ll accept my invitation to join Lori Anne Douglass, Esq. and me at 8pm EDT for this month’s Financial Intimacy Hour.
I promise it’ll be a lively experience. And, I promise you’ll know more at the end of 60-minutes than you did at the beginning.