The Woeful Inadequacies of Traditional Estate Planning: The Four Critical Questions You Need To Ask Yourself
When I mention the words, estate planning, most people think of meeting with an attorney and drafting legal documents. Traditionally, those documents include a will, durable power of attorney, health care proxy and perhaps a trust. After you draft these documents, you meet to sign them, then you put them somewhere safe, cut a check to the attorney and breathe a sigh of relief because you finally have things covered. All is well and your estate is perfectly in order, right? WRONG!
Too often the drafting of legal documents is confused with developing an estate plan. Sure, legal documents are part of an estate plan, but they are not the estate plan. You need to make sure that you have everything in one spot. If not, you could cause yourself some real problems. Thats why 98% of all estate plans fall short. Thats why you have debacles like the Terry Schiavo case and the Ted Williams dispute. In order to make sure that these sort of things dont happen to you, you have to have a plan. Most people plan out what should happen in the event of their deaths....
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