Step Three: Decide Who, What, and When
An old journalism adage applies here: You get the right story when you tell who, what, where, when, and why. Your family is a story. It is a story that changes all the time. Who are your loved ones? What are your goals for them? Where are your loved ones living? When would you want your loved ones to receive your property, and why? Get ready to tell your story.
Think about your notebook. If you haven't already, take out a separate piece of paper and write down the name of every person you would include in your plan. Then begin to ask yourself what that person is currently doing. Which piece of property or properties would you like that person to have? Put the piece of paper that describes that property under the piece of paper describing the person to whom you would leave that property. Develop little stacks of paper under each person's name. Then when you look at the stacks, you can ask the next question: when would you like that person to receive the property? You might find yourself beginning to think about things such as these:
Would that person be able to take care of the property if something happened to you tomorrow?
Would it promote maturity in that person if he received the property tomorrow?
Would it be better if that person received the property later in life?
If something happens to you, should the property be sold?
How much income tax or estate tax would it cost if you leave that piece of property to the named person?
Is your plan fair?
When you think about your property and the persons who would enjoy your property if something were to happen to you, you may discover that the goals you have now for your loved ones and family are very different from the goals you had ten years ago.
You need to look at your plan to see if it meets your family's needs today and re-evaluate it at least annually or when any major changes occur in your life or theirs. The answers to the questions who, what, and when will change over time. Most people do not keep their plans current because they don't understand the planning tools that are available or how they work. They don't know how to change their plan to meet the changing needs of their family. Last, but not least, they don't want to spend a lot of money keeping their plan current every year.
The beauty of learning the rules is that it allows you to do most of the work. Many times you can make the necessary changes yourself, without the help of a lawyer. But even if you do need the help of a lawyer, when you understand the planning tools available and how they work, it will be much easier for you to have your plan tweaked.
Your plans and goals change over time, so don't prepare a will or trust and hide it safely away to be forgotten. Be sure to keep your plan current with the changing needs of your family. And since you don't know when something might happen to you, it's best to try to keep up with changing times.
