Estate Planning is a Vital Family Enterprise
Some climbers think of mountaineering as a challenging event and an opportunity for accomplishment. Though these are aspects of climbing, defining the sport this way can lead to summit fever, which can kill you. Climbers who learn to embrace the process of mountaineering think of each climb as a unique and exciting adventure, from choosing a mountain wilderness to call home, to unpacking and penning a narrative of the expedition. Which perspective do you suppose offers a safer, more fulfilling, and more enduring experience? I have started to think about those to whom I will leave my cache of climbing gear when the time arrives. That gear will come with a history, stories and memories, and a renewed life and mission! Estate planning and mountaineering share these dynamics. Carefully working through the following estate planning list is akin to mapping a major mountain excursion:
The wise mountaineer always knows exactly what, and where each item is in the pack. Store a well-protected digital and/or hard-copy spreadsheet of all physical, functional, collective and financial assets, and share it with your executor. Feel free to request an Estate Planning Checklist from my office.
List your debts. Include monthly payment amount with method, payment date, loan duration, and contact information.
Experienced climbers think in grams not ounces. Consolidate individual security positions with the same registration into a brokerage account. Name, and periodically update beneficiary designations for every ‘beneficiary-eligible’ asset. Store your most recent beneficiary list with vital documents.
Make a membership list. This will benefit organizational members, family and friends, and may cash in on otherwise forfeited life insurance coverage.
Gather vital papers, like estate planning and personal identity documents, and deeds to vehicles and property, and safekeep them together with your executor’s knowledge and access. Take this opportunity to review the specific “present” funding of your estate plan with your attorney.
Permit closure of your digital life with a list of websites, usernames, and passwords.
Every mountaineer needs a partner, and is only as good as that partner. Become a discerner of character and do business with those you trust, and with whom you communicate well. Instigate an ongoing dialogue between your tax preparer, esquire, and wealth manager. Have one agree to ‘moderate’ the process with exceptional note-keeping.¹
Understand the legal authority your designated Powers of Attorney and Health Proxies will have over you in the case of your incapacity, and appoint such powers exclusively to those whom you trust with your welfare and life.
Put in place the legal documents required to best protect and distribute your estate, in all matters perceived, and keep them current. Include a personal letter to convey your purposes and intentions in the bequest of your earthly belongings.¹
Enjoy your estate planning journey, and may it bless your heirs as you intend. Think about it, Shaun.
“Know well the condition of your flocks, and give attention to your herds.” ~Proverbs 27:23
“A wise man leaves an inheritance to his children’s children.” ~Proverbs 13:22
1 TRW LAW, “25 Steps for Estate Planning”, 2023 The Law Offices of Travis R. Walker, P.A. https://www.traviswalkerlaw.com/25-steps-for-estate-planning/
The opinions voiced in this material are general, are not intended to provide specific recommendations, and do not necessarily reflect the views of LPL Financial.
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