When I work with a client for the first time, one of the observations I receive the most is … “I never would have thought to include my ‘estate information’ in a family handbook.”
Let me first clarify what I mean in terms of the word “estate.” I do not want clients to chronicle financial details, investments or anything monetary. What I am most concerned with is the retrieval of your estate PLAN so that it becomes efficiently executed in an emergency.
When we speak of our “estate,” we often cringe at the thought of thinking through a scenario where we may not actually be around anymore.
Mentally “going there” is what often puts us off the most to even discussing the topic. Sometimes we avoid the topic to the point of failing to even plan for the care and keeping of our loved ones should we die.
Another reason clients often do not want to include their estate planning information in a family handbook is because of confidentiality. The thought of divulging this information to anyone seems too personal.
My approach on the “estate planning” section of a family handbook is to cover three critical items:
1. Make Sure You Have a Team in Place
Preferably, your team includes the following professional contacts: attorney, accountant, and financial planner.
2. Ensure Contact Information is Accurate
We verify that the key contacts in your estate plan are accurate. We also ensure that their contact information is outlined in your family handbook in case of an emergency. Think this scenario …. “Would someone important to me be able to find this information in a panic.”
3. Ensure Clear Communication of Roles
We ensure that those who you thoughtfully outlined in your estate plan to assist in your absence are aware of their roles & responsibilities. We also ensure their contact information is accurate and outlined in your family handbook.
Examples of roles include Healthcare Power of Attorney, Business Power of Attorney, Guardians, Trustee etc.
A few months ago my husband and I met with our attorney to make some changes to our estate. I showed up to our meeting with my family handbook, immediately turned to the estate contact page and made the changes to correspond with our updated plan.
I thought our attorney’s jaw was going to hit the floor when she looked at the handbook, and I braced myself for the fact that she may make a little fun of me.
Her reaction was just the opposite. She said she had never seen someone pull all of the pieces of their life together into a handbook like this.
She validated the fact that not only having an estate plan, but keeping others included in what your plan is and how they can locate your critical information in an emergency is something we should all maintain on a regular basis.
Don’t let fear get in the way of making an estate plan for your family. While estate planning can be “awkward” at best, the alternative of not having a plan that others can easily access in an emergency will cause confusion and additional stress during a crisis.
Devising a plan that is easily retrievable and accessed by your loved ones is not overly morbid. Instead, you are giving them a gift …. peace of mind and access to a plan that you created just for them.
Your wishes
Your plan accurately communicated
Easily retrieved
