Cherish Freedom? Discover Why an Estate Plan is Your Personal Declaration of Independence
As you celebrate the Fourth of July and all it symbolizes—freedom, independence, and the pursuit of happiness—take pride in the ultimate American liberty: the right to decide your own affairs, even after death or during incapacity. An estate plan, created in a Planning Session, embodies this liberty. Think of it as your personal Declaration of Independence. I know it sounds unconventional, but how exactly does an estate plan offer you freedom?
Here’s how: Setting up a Planning Session, a distinctive estate planning process I employ in my firm, preserves your self-determination, shields your family, enhances your wealth, and defines your legacy according to your wishes. Much like the Founding Fathers asserted their independence from the British crown over two centuries ago, your Planning Session asserts your autonomy from the courts, state laws, and conflicting opinions that could compromise your final intentions. Read on to discover how.
You Have a Plan: But It Might Not Be the One You Desire
The first thing to understand is that you already have a plan in place for what happens if you become incapacitated or when you pass away. However, you might not be aware of what that plan entails, and you may not like it! The government has devised a default plan for you, without your input. Alternatively, you might have created your own plan, but perhaps you didn’t fully understand the choices you made, haven’t updated it, or don’t own your assets in a way that aligns with your plan.
With an Estate Plan, you have the power to override the government’s default plan with your own choices. You get to decide precisely how you want your assets collected and distributed—whether that means providing for certain loved ones over others, leaving assets to chosen family members who aren’t related by blood or marriage but are close kin by choice, or donating portions to charitable causes that are important to you.
A Planning Session adapts to your changing circumstances throughout your lifetime. As your assets, life, and laws change, so does your plan. It evolves with you, rather than becoming stale and outdated. You’re not a static individual; you’re continually evolving, changing, and growing. Your plan needs to evolve, change, and grow with you; otherwise, it’s not worth the paper it’s written on.
The Freedom of Making Informed Decisions
Planning for incapacity or death is essentially planning for your best possible life and the best possible life for your loved ones. It may not have been framed this way to you before, but consider this: if you accept that one day you will die, and you might become incapacitated before that, and you want your family and assets to be cared for in a specific manner when these events happen, wouldn't that naturally guide the choices you make about resource allocation throughout your life?
We call this “eyes wide open” decision-making. It leads to the most optimal use and allocation of your resources throughout your life, and it makes things as easy as possible for the people you love in the event of your incapacity or death. For example, when you consider how you want to be cared for if you become incapacitated and document those choices, you ensure you have the necessary close personal relationships to fulfill your wishes and the financial means to support yourself or those who will care for you (or your kids).
Otherwise, you’re leaving it up to chance—or a judge—and we call that “eyes squeezed shut/pretend it’s not going to happen” decision-making. This approach is neither responsible nor kind to yourself or the people you love.
The Freedom to Decide
The most mature, loving, and responsible thing you can do for yourself and your loved ones is to clearly outline, well in advance, how you want to be cared for if you cannot care for yourself. Specify who should make decisions for you and how those decisions should be made. Additionally, it's essential to provide a roadmap for your loved ones, so they know what you have, where it is, and how to find it.
Setting up a Planning Session accomplishes all of this, regardless of the size of your assets. Your loved ones will need to manage your estate, whether it’s modest or substantial. By making clear decisions while you are healthy and of sound mind, you empower them and minimize the time, energy, and emotional toll they’ll face, especially during a time of grief.
Through a Planning Session, we help you address specific circumstances, such as children or spouses from previous marriages, loved ones with disabilities, or family members you intentionally wish to exclude. This ensures assets are fairly distributed and prevents them from ending up in unintended hands.
Finally, holding a family meeting can bring your loved ones together with a shared understanding of your intentions, preventing conflicts and differing interpretations of your wishes. Your Planning Session empowers you to create more ease for yourself and those you care about.
A Declaration of Your Legacy
Your Planning Session is your ultimate declaration of the values and life experiences you wish to impart to loved ones and the world at large. This is your opportunity to ensure your individuality and life's purpose are remembered as you intend, rather than leaving it to chance or creating a legacy of confusion and conflict.
All of our plans include a recording, which helps you express your deepest hopes, guiding wisdom, and ethical frameworks acquired through years of successes, struggles, and personal growth. You can share cherished stories, meaningful quotes, and carefully cultivated philosophies that give your life meaning. The recording is the most meaningful gift your family will cherish and pass down through generations.
This Independence Day, make your own personal declaration of freedom by establishing a comprehensive Estate Plan. Take pride in exercising your liberties to the fullest by removing uncertainties about your final affairs and ensuring your true wishes are honored.
Allow Us to Be Your Planning Partner
As a Personal Family Lawyer Firm, Estate Planning is our sole focus. We work with you to craft a plan tailored to your desires, ensuring it reflects what you want, not what someone else decides for you. Once your plan is in place, you can rest easy knowing your wishes will be honored, your loved ones will be cared for, and your legacy will be preserved.
Contact us to learn more about how we help you exercise freedom over your choices. Click here to schedule a consultation:
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This article is a service of 20WestLegal LLC. We don't just draft documents; we ensure you make informed and empowered decisions about life and death for yourself and the people you love. That's why we offer a Planning Session, during which you will get more financially organized than you've ever been before and make all the best choices for the people you love. You can begin by calling our office in Sudbury, Massachusetts today to schedule an Estate Planning Session and mention this article to find out how to get this $750 session at no charge.
The content is sourced from Personal Family Lawyer® for use by Personal Family Lawyer® firms, a source believed to be providing accurate information. This material was created for educational and informational purposes only and is not intended as ERISA, tax, legal, or investment advice. If you are seeking legal advice specific to your needs, such advice services must be obtained on your own separate from this educational material.