If we had to pick the single biggest concern we hear from clients, it’s this: “I just want to make it easier on my children when I’m gone.” We often hear this one wish expressed in our meetings—and for good reason! Estate planning is not just about assets; it’s also about giving your loved ones clarity and relief during an emotional time. Here are four simple steps you can take right now to make it easier on your children when you are gone.
1. Avoid Probate—with a Revocable Living Trust (RLT)
Probate can be a lengthy, expensive, and public process. When an estate is administered through probate, your assets are tied up in court, your heirs have to wait months (or even years) for resolution, and your family’s privacy is lost since probate is a public proceeding. By setting up a Revocable Living Trust (RLT), you can keep your assets out of probate, allowing for a quicker, smoother transition to your children. The pros? Fast transfer of assets, cost savings, and privacy. The cons of skipping an RLT? Your family could be stuck in costly court procedures—something everyone wants to avoid!
2. Consolidate Accounts
Settling an estate with 20 different bank and investment accounts is a logistical headache—especially for children who may not know where everything is or how to access it. It’s far easier to settle two or three well-organized accounts. Take the time now to consolidate old, unused, or redundant accounts. Not only does this make things easier for your children, but it also helps you better manage your finances and keep your estate plan up to date.
3. Work with a Reputable Financial Advisor
Choosing a financial advisor who is committed to supporting your family after you pass is key. The right advisor will help your children navigate the complex world of inheritance, answer their questions, and ensure that your wishes are carried out. Make sure your advisor knows your family and can be a resource for your kids when the time comes. This can ease anxiety and prevent costly mistakes. It is important for your financial advisor to coordinate with your attorney to ensure that investment strategies, tax considerations, and legal documents all align, creating a unified estate plan that protects assets, minimizes risk, and carries out your intentions efficiently.
4. Keep Your Plan Current – Leverage Our Continuous Care Maintenance Program
Life changes—so should your estate plan. Our Continuous Care Maintenance (CCM) program ensures your plan stays up to date and reflects your current wishes, assets, and family situation. Regular reviews help avoid surprises and keep your plan working for you and your children. Don’t let outdated documents create confusion or unnecessary legal trouble.
Conclusion
Making things easier for your children is about thoughtful planning, smart decisions, and ongoing support. These steps can save your family from stress and uncertainty and give your children peace of mind. Want to learn more about how to get started? Contact us today for a consultation at info@legacycounsellors.com or call 413-527-0517.