The Lasting Memory of Estate Planning
Every time I turn around there is an estate planning or probate horror-story in the news. Celebrities and ordinary folk alike have provided plenty of examples of how to leave your estate in a way that causes family conflict and ruptured relationships that can last for generations. Unfortunately, some people use their final wishes to take revenge, show favoritism, or otherwise damage relationships between their surviving family members.
As an antidote to this type of planning, I would like to remind readers that estate planning gives you another chance to be the parent, spouse, friend and citizen that you have always wanted to be. By this I mean that estate planning is a final opportunity to provide for future financial support and security for your spouse and loved ones. You can mend fences, express your love, show generosity, forgiveness, gratitude.
There’s no need to limit yourself to immediate family. You can show friends and members of your extended family that you love them by leaving a bequest or a gift in trust.
In your Will you can include a gift to your religious community or other organizations that are doing good in the world. Charitable bequests are a way to contribute to a legacy of good works that you may have started during life. You can set a good example for your children by showing them the importance of giving back to a community that nurtures you.
Think about it. How do you want to be remembered? Your Will may be your last chance to express your best self and the values that guided you during life. Here’s a quick FAQ on Estate Planning for reference.