This may surprise many, but I have accepted the reality that all estate planning will be wrong. Yes, that’s right, I said “wrong.” And I tell all of my clients that they, too, need to accept that reality.
That’s not to say that estate planning will be legally incorrect or insufficient. Of course, we strive for drawing documents that are legally correct.
Instead of thinking about the legalities of estate planning documents, I am talking about the practicalities. Imagine going through different iterations in planning. We do it with every single client. We need to and they deserve it. Those discussions are quite enjoyable to consider with clients, and that is what makes our clients’ documents their own. That is, they are as customized as we can make them.
However, the truth is, we don’t really know what is going to happen in the future. All we can really do is make some educated guesses. All of the planning that we do is based on assumptions, none of which may ever happen (other than death – we know that death will happen for all of us).
I am not suggesting that we need to go to the extreme and conclude that because we cannot predict the future, we should put our heads in the sand. To the contrary, I fully believe in estate planning and find it quite liberating to think that we won’t get it right.
So, what should YOU do? Show your family that you love them by taking the time to thoughtfully consider your planning. If it’s from the heart, it will be as right as you can make.