The art of leaving a legible financial footprint

Estate and tax attorney Tom O’Rourke discussed common misconceptions in regard to estate planning on Mike Causey’s show a few days ago. Those common misconceptions are listed below:

1. I am not rich so I don’t need an estate plan
2. Everybody knows what I want, so why do I need a will?
3. Minimizing taxes is one of the most important goals in developing an estate plan. 
4. I should leave everything to my children in equal shares. 
5. My spouse and I have been separated for many years, but haven’t bothered to get a divorce. I am not going to leave him/her anything. 
6. My significant other and I have been living together for many years and I want him/her to inherit everything I have. 
7. I have a simple will that takes care of all my concerns and that is all I need. 
8. I have got a trust and that takes care of everything. 

Tom O’ Rourke also provided an estate planning checklist that will help deal with these concerns, especially in the “Time of the Pandemic.” 

1. Review your will or trust to make sure it remains consistent with your wishes.
2. Check your medical directive and financial powers of attorney to insure that they remain consistent with your wishes.
3. Review your beneficiary designations.
4. What about your pets?
5. Do you have specific wishes for a funeral and burial?”

See Mike Causey, The art of leaving a legible financial footprint, Federal News Network, September 29, 2020.

Special thanks to Jim Hillhouse (Professional Legal Marketing (PLM, Inc.)) for bringing this article to my attention.