Estate planning is deemed by many as a wealthy person’s endeavor, complex and incomprehensible. As a result most people either procrastinate their own estate planning or worse, do not plan at all.

With proper legal counsel, estate planning can be simple and should also provide substantial peace of mind.

Understanding some of the following basic concepts should give you confidence to move forward.

Every Family is Unique: Every family has unique issues, members, goals, ambitions, assets, needs, and history, which should equate to every estate plan (no matter how simple) being customized to fit your family’s needs and goals. A qualified estate planning attorney will be able to provide you all the details, and options that you should have to meet your family’s needs, where pre-purchased forms, internet programs, “trust mill” companies are unable to do so.

Family Instructions: A good way to think about estate planning is the concept of leaving your loved ones a set of instructions they are to follow. Properly done, these instructions are legally binding upon your loved ones, and should leave no room for doubt, contention and or court litigation. Improperly done, however, opens the door for substantial family strife and disharmony. As with any set of instructions, it is usually beneficial to repeat your instructions multiple times to make sure there are no questions or controversies. Many parents come back to my office after their estate plan has been designed, drafted and signed to hold a family meeting to discuss some of the important decisions that they have made and to make sure there is no potential problems or controversies with such decisions.

Terminology: There are many different options available to design and create even a simple estate plan. Many people get confused when reading about estate planning and all the options available to them. Terms such as last will and testament, living will, and “pour over will” are important, but can be confusing. The key concept is to seek proper legal counsel and receive a good, understandable explanation about each topic, term or idea when customizing your estate plan. This is best accomplished by receiving in person counsel and education by the estate planning attorney who helps customize, design and draft your estate plan.

I am a partner with Rowley Chapman Barney & Buntrock, and my practice is limited to family based estate planning, tax planning, probate and trust administration and guardianship matters and I can be reached at (480) 833-1113.