The 4 Real Reasons to Plan

When people are asked about why they are planning, the most common answer I hear is “for peace of mind.”  But how does planning give you peace of mind?

The common answer is it leaves you less to worry about.  But how?

It is my belief there are 4 reasons estate planning is invaluable and lead to peace of mind:

 Safety/Security/Protection

             Safety, security, and protection are where most people stop talking when you ask them about the advantages and value of estate planning.

Planning does protect you and your family against creditors, financial predators, and gold diggers.  Planning protects your hard earned wealth from being wasted by children on frivolous things.

Planning protects your children and spouse because it provides them a safety net.

Planning provides safety, security, and protection.  But, what else do you get?

Predictability/Knowing

             While nobody can predict the future with 100% accuracy, you can predict what happens with and without a plan.

You can predict how things will be taken care of.  You know your children or spouse don’t have to make tough decisions in the future because you have made them now.  You know that brothers and sisters won’t have to argue over agonizing choices.

Without a plan you risk the opposite of everything above.  Your children, spouse, brother, and sisters may agonize of your tough decisions.  They may fight and squabble.  A judge may even end up getting involved to settle the dispute.

 Certainty

             You can be certain about the outcome of your future.  You will know who is there for you.  You will know who gets what and when they get it.  You will be certain that wealth will stay in the family.

You can be certain of the success of your plan.

Roadmap to Success

As has been said, estate planning is about protection, certainty, and predictability.  However, the real job is to understand where you are now and where you want to be tomorrow.  Then the job is to craft a plan for your success.

Success is protecting you during your lifetime; transferring your wealth to the people you want to have it in the amount you want at the time you want; and minimize costs, fees, and taxes.

This requires the documents of estate planning:  a Last Will and Testament, Powers of Attorney for property and healthcare, Beneficiary Designations, maybe a Trust, and tax advice.

 

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3 Reasons to Move Estate Planning to the Top of Your TO DO List

I thought of three good reasons that you should move estate planning to the top of your to do list:

1. Estate planning doesn’t take as much time as you might think
   
2. Planning is very important to the emotional well being, protection, and welfare of your family
   
3. The State can interfere with your care and choices unless you build a wall between you and the State

-Gary

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Local Advantages Part 3

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Local Advantages – Part 2

11. Workbook

With the comprehensive workbook, you won’t overlook any important details.  This workbook goes beyond traditional planning and into family information that should be known by both spouses, like what bills are due when.

12. Notary Service

Small things add up to big service.  Not only do we provide notary services for the signings, but if prior customers need something notarized, just give us a holler.

13. Local Representation

Nothing like having a local attorney on your side.  I’ve been here since 1992 and don’t have plans on leaving any time soon.

14. Continuity of Service

With online services, you never know who is going to be on the other end of the phone.  With local service, you get the same people time and time again.  This gives us a chance to form professional and personal relationships that benefit us both.

15. Community Support

Local company, local support.  I don’t know about other firms, but we are active and busy in the community.

16. Notification of Important Legal Changes

Part of being an estate planning attorney is keeping up with the changes to the law.  Then we let you know what the changes are and how they will affect you

17. Personal Touch

Every job has a personal touch.  Instead of the cold impersonal aura of the internet.  Part of that personal touch is listening and coaching you through whatever problem you are having

18. Local Representation in Court if Needed

If you need to go to court for any reason, local people can be there by your side. You don’t get that with an online service

19. Defend and Advocate Your Plan

If anybody challenges a plan we’ve written, then we are there for you.  We will be by your side in and out of court.

20. Representation in Other Matters

Just because a firm practices mainly in estate planning/probate and elder law doesn’t mean that we don’t handle other things.

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Local Advantages – Part 1

Personal Interview

Every plan starts with a face-to-face, personal interview.  This is a very important part of the process that you don’t get online.  Often times, goals come out during this interview that you might not otherwise think of.

It is also a time for spouses to begin communicating on a meaningful level about their wishes and desires for the future.  We often assume we know what our spouse wants, but really don’t.

Printing and Binding

We print and bind every plan, saving you time and making sure that all of your important documents are in one place.  We keep an electronic copy for at least 5 years, so if you lose anything, we can simply reprint your signed copy.  All of our electronic storage is secure and backed up daily.

Filing Fees

Every plan includes the necessary filing fees for deeds and other documents.  No hidden charges.  If it is necessary, we will pay for any other filing fees out of our pocket.

Deed Creation

Every plan includes all of the deeds necessary for transferring your real estate into a trust.  No hidden charges for deeds.  We go to great lengths to make sure the deeds are correct and no future problems will arise.

Recording Deeds

We take the time to make sure all deeds are recorded properly with the correct authorities and departments.  Once filed properly, the original will be scanned and saved.  We will then send the printed, stamped original to you.

Formal Signing Ceremony

It is important that the documents are explained to you and you understand what you are signing.  At every signing, we take the time to walk through the documents and answer your questions right then and there.

Witnesses Provided

Many of the documents need 2 witnesses not related to you by blood or mentioned in your estate plan.  We provide independent witnesses.  Some of the papers don’t require witnesses in Arkansas, but we have most everything witnessed by 2 people anyway.  This extra step helps your documents be recognized in other states.

(note:  I’ve seen documents done online, printed out, then not witnessed properly.  This opens them up to later attack.)

Asset Transfers

If you want, we will handle all asset transfers to your trust.  This makes sure that all of the papers are filled out properly and sent to the proper places.

Often times, people forget to update beneficiaries and it causes money to go to people they didn’t want it to go to.  For example, many people after a divorce forget to change their life insurance beneficiary.  Imagine their ex-spouse’s surprise when they get a check!

Plan Hand Crafted by a Professional

I hand craft each plan.  An attorney does all the work, not a secretary or paralegal.

Personal Relationship

By using a local attorney, you have the chance to develop a lifelong personal relationship.  Feel free to call us anytime.  We are here to answer your questions and help you in any way we can.

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Why Not an Online Service?

	Online Service	DeWitt Law Firm
Trust	X	X
Will	X	X
Durable Power of Attorney	X	X
Healthcare Power of Attorney	X	X
HIPAA Waiver	?	X
Living Will	X	X
Personal Interview		X
Printing and Binding		X
Deed Creation		X
Recording Deeds		X
Formal Signing Ceremony		X
Witnesses Provided		X
Asset Transfers		X
Plan Hand Crafted by a Professional		X
One Year of Changes	?	X
Personal Relationship		X
Questions Answered Free	?	X
Workbook		X
Notary Service		X
Local Representation		X
Continuity of Service		X
Community Support		X
Notification of Important Legal Changes		X
Personal Touch		X

 

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70% Of All Wealth Transfer Plans Fail to Meet Their Goals

#1 Reason Wealth Transfer Fails

After failing to get a good answer to the question “Why does wealth transfer fail?”  from academia, The Williams Group interviewed 2,500 families and researched another 750 family case studies.

Based on this study of 3,250 families The Williams Group reported in Preparing Heirs the #1 reason wealth transfer plans (estate plans) fail to meet their goals is:

Breakdown of communication and trust in the family

This is further broken down:

1. Failure to come to a common consensus on family action
2. Failure to take common action as a family
3. Lack of trust in the family unit

What Can I Do?

You need to get your FREE STRATEGY SESSION now by calling (479)717-6300.

You need to work with a good estate planner.  One that understands there is more to a plan than just drawing up a bunch of documents and creating successions plans.

You need to work with a planner who has taken the time and trouble to learn the underlying causes of why plans fail, and what to do about.

There is a 5 step system you can use to join the successful 30% of people who have wealth transfer plans that work.  You should join forces with a planner who is familiar with the system and give yourself the best shot at success.

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