Today’s post is on Family Governance. This is a really important concept in developing a comprehensive plan for yourself and your family both during your lifetime and afterwards.
When it comes to financial matters, each family usually has different personalities involved, and families that do not squander their assets generally are those that – 1) work together and 2) recognize their strengths. A truly comprehensive advisor should be helping you address these issues, and not just managing your money.
Estate Planning is a piece of the overall comprehensive plan. It serves the purpose of protecting you and your loved ones when you become incapacitated, and properly distributing the greatest proportion of your assets to whoever you want, the way you want, when you pass away, regardless of the size of your estate.
One of the biggest issues that we encounter is that many families procrastinate when it comes to dealing with estate planning issues. How many times has Mom and/or Dad thought to themselves or even expressed, that they “should probably review their Wills or their Trust.” Yet, it never gets done. Many folks don’t even have their basic documents drafted.
The reason for this is that we tend to procrastinate taking care of issues that are uncomfortable to think about. The problem is that when the estate plan, or any piece of your overall comprehensive planning hasn’t been properly addressed or updated, families suffer later on. The kids are left to pick up the pieces and often times the process gets very expensive. Worse yet, lack of preparation can cause fights amongst the family.
So, make an effort to avoid potential problems. Don’t make the assumption that everyone will just figure out how to handle things because they all get along now. A properly designed and executed plan can save you and your family a lot of grief.
Contact a qualified financial advisor for financial advice (my estate planning law firm does not provide financial advice), and visit our website for more information about us. As an Estate planning attorney, I can work with a good financial advisor to create a comprehensive estate plan that takes into account your family’s needs.