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Estate Planning: Ask Yourself These 6 Simple Questions

Writer's picture: Mike SimpsonMike Simpson

Updated: Apr 19, 2024

Who, what, when, where, why and how

I believe it is natural to ignore the idea of death or dying.  As a result, we naturally shy away from planning for something that, let’s face it, is a certainty.  Benjamin Franklin is quoted as saying:  “Nothing is certain except death and taxes.”

 

Maybe you or your spouse have recently given birth, and you started asking the big “What if?” question(s).  Maybe like me, you have lost someone close to you recently.  Maybe you, yourself, are suffering from a disease or condition, and don’t know if you will win or lose this battle.  Or maybe you have just decided it is time to take responsibility for your family’s legacy.

 

Whatever your reason, you might be asking yourself the obvious question…  Now what?  Good news!  We can provide you with a simple path forward to begin this process.

 

The concept of legacy planning sounds formal, intimidating, maybe even overwhelming.  The idea of making major decisions and speaking with attorneys, financial planners, and funeral planners, suddenly feels as if the process has taken on a life of its own.  In fact, when I read that last sentence, my palms began to sweat and, I felt a twinge of anxiety.

 

Let’s lower the anxiety level and try using the K-I-S-S method, short for “Keep It Simple Stupid.”  And, no, I’m not calling you stupid, that’s just what the method is called.  So, what is a simple process that most of us have used sometime in our life that can help solve this riddle?  Do you recall the method from grade school that asks:  Who?  What?  When?  Where?  Why? and How?  If not, that’s okay, because you are going to learn about it now, and if you have heard of it, you are going to be reminded of it again.

 

In my opinion, the most important of these questions you should answer first is “Why?”  My “Why” is simple:  I want my family to receive everything they are entitled to instead of a bunch of strangers such as attorneys or state or federal bureaucrats.  I want the proper legal documents (Will, Trust, etc.) that state my wishes precisely.  I want my end-of-life care and funeral arrangements decided by me.  I do NOT want my wife or children to shoulder these burdens and decisions.

 

Using these simple one-word questions, I want you to ask the following:

  1. Who questions:

    1. Who should I include in my Will or Estate planning?

    2. Who depends on me, e.g. minor children, dogs, elderly family that I care for?

    3. Who can I trust to care for my children, pets, belongings?

    4. Who needs access to this information if anything happens to me?

  2. What questions:

    1. What assets do I want to leave to my family?

    2. What sentimental items or heirlooms do I have that I want my children or grandchildren to have?

    3. What do I want to be remembered for (obituary, sayings, etc.)

  3. When questions:

    1. When should you set a deadline to get these things together?  Hint:  NOW   

  4. Where questions:

    1. Where do I keep the important documents?

    2. Where do I keep all my passwords?

  5. Why questions:

    1. Why should I take the time to gather and compile all this information?

      1. To take as much burden as possible off your family

      2. To prevent family quarrels over what my family “thinks” I want

  6. How questions:

    1. How do I want my wishes carried out (Will=Executor, Trust=Trustee)

    2. How do I compile all these things? 

 

As you ponder these questions, remember that the Before I Croak app is an ideal place to store much, if not all, of this information.  Our app is not one size fits all, it can be adapted to fit your personal situation.  And if you determine that Before I Croak isn’t the right fit for your needs, that’s ok.  You are welcome to review our other articles on the subject and create your own custom plan.  My only request is that you act now in the best interests of you and your family.

 

 

Simpson photo

Mike Simpson works as a Cloud Engineer in the banking industry.  With over 25 years of experience in the technology industry, he has cultivated a diverse and comprehensive set of skills that span across various sectors and technologies.  Beyond his professional endeavors, Mike is a family man, married with three children, who finds joy and relaxation in baseball, jiujitsu, and poker. These hobbies not only provide him with a well-rounded life but also reflect on his love for strategy, teamwork, and continuous learning, both personally and professionally.

 

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