This article continues our series explaining why proper estate planning is important for Oklahoma Families. In our last article, we explained that most traditional plans end up failing the families they were meant to protect. How could that be so? There are actually many reasons.
- One reason is the rushed process of selling the client mere documents, without taking all the other steps necessary to make sure the documents actually work when you die.
- Next, there is the lack of logistical planning for minor children, which is the topic of this article. While most attorneys drafting Wills assure the client that the Will itself will protect the children, that is simply not the case.
As you will see in this article, a basic will doesn’t go far enough at all to protect your kids. After reading this article, you will understand why and how to fix that gaping hole in the traditional estate planning process.
What is estate planning?
Estate planning is a phrase used to describe all of the planning necessary for your successors to take over your affairs if you were to die or become incapacitated. Think about all of the things you are currently responsible for doing: providing income for your family, paying the bills, managing your business or rental properties or bank accounts, or stock accounts. And those are just the financial. Then there is the spiritual: providing the influence and values on your family, particularly your children.
A proper estate plan is a set of instructions that you leave behind for your successors to follow. When done properly and in the innovative approach that we take, the process is seamless and easy on those left to take over and walk in your shoes. Managing your finances and assets are not a mystery. Even your values (whether investment strategies, business advice, or religious and personal values) can become part of the plan.
Unfortunately, many people think of estate planning as something you begin doing when you become a senior citizen. But nothing could be further from the truth. The best time to begin your estate planning is as soon as you have children. Or even right before! Keep reading and you’ll see why.
Why families with young children must have an estate plan.
If you were to die right now, what would happen to your children? Think about this right now. Where are your kids, right now? They could be at school, with a babysitter, or at a friends house. Eventually, the caretaker in charge would begin to worry. They may want to call other people, looking for information about where you are or why you haven’t come to pick up your kids. But do they have a written set of instructions on what exactly to do? If not, you might be surprised on what happens next…
Especially in circumstances where your kids are not with a close relative but are in the custody of school officials, daycare centers, or babysitters and nannies, your kids are very likely to end up in state custody, at least for some amount of time. How long? It really depends. If the police or other officials are involved, and a legal guardian is not available, and there is no information on who to contact, the police will feel the need to take your kids into custody and place them with a foster family for the time being.
If this makes you cringe, just know that I can provide a solution to this very problem that will allow you to have complete peace of mind knowing your young children will be cared for in the event of tragedy.
Traditional estate planning does not provide short term protection for children
Any estate planning is better than no estate planning. But the traditional way of planning for the death of a parent with young children does not actually protect the kids in the short term. These traditional plans do not prevent your kids from possibly going into state custody for any amount of time. If you are the type of parent that thinks any amount of time in a foster home or in state custody is unacceptable, then you understand the importance of having a comprehensive plan in place that prevents these scenarios from ever happening.
The way lawyers in Oklahoma have traditionally handled this type of estate planning is the same as the way they handle it with older clients. They draft a series of documents after first handlign a short and brief intake with the client. Once the documents are executed, the lawyer says good bye. There is no system for regularly reviewing the plan, updating the plan, or even communicating the plan with those who are major players in carrying out the plan. In fact, when an attorney prepares this type of traditional estate “plan,” they are not preparing a plan at all. They are merely preparing documents.
A plan is a detailed proposal for achieving an outcome. Good plans involve communicating with all of the people involved in carrying out the goals of the plan. Therefore, a true estate plan is a comprehensive system for achieving an ultimate outcome, and has contingencies and alternatives in place to navigate unexpected obstacles. Think about how business leaders, military leaders, have plans for their employees or troops to execute a mission. Good plans involve Plan A, Plan B, etc; they involve proper training and communication; they involve regular plan reviews and updates. In short, a good plan is more than just a set of papers. It has leadership component that empowers everyone involved.
Traditional estate planning, as it is currently handled by most lawyers, lacks these key components of strategic planning. And this is why most estate plans fail those they were meant to help.
Keep your children out of court and out of harm’s way with our Life and Legacy Planning
We design estate plans that actually work. Our plans will keep your family out of court and out of conflict. They are designed to minimize intra-family conflict, and will keep everyone informed of their roles and what to do in the event of the ultimate tragedy.
You will sleep well at night, knowing that if something were to happen to you, that your children, family, or loved ones will be well cared for by individuals you have chosen to be in charge. Because these decisions are too important to leave them to a judge — a complete stranger, who doesn’t know you or your family on an intimate level.
What is the first step?
Schedule a 15-minute call with my office. During this call, we will share some of the basics about our process. From there, we will schedule a Life and Legacy Planning Session. These sessions are educational, informative, and empowering. They last two hours and involve customized design. There is a fee for these planning sessions, but during your initial call, you will learn what you can do in advance that allows us to waive the fee and have the most productive meeting possible.
After your planning session, you will feel empowered, confident, and assured. You will also know what needs to be done to implement this plan and fully put it into place. Don’t worry; this is not all on you. Unlike the traditional way of how lawyers handle these, we are hands on, with you every step of the way.
What is also great, is that we have more than one package, and after the education you receive during the planning session, you will be empowered to choose your own package.
To get started, call us at 405-607-7799 or send us an email.