The fourth part of our Estate Planning 101 Series:
TOOLS AT THE READY
Once you have all of the proper instruments and have decided on your key players, it is important to equip them with the tools they will need to successfully perform their responsibilities.
As a young man I was trained to be an engine room mechanic in the U.S. Navy. One of the first courses I took was called “Tools and Their Uses.” You see, many of the tasks we were asked to perform required specific and sometimes uncommon tools. Could it all be accomplished with a hammer, a wrench, a screwdriver and some duct tape? Probably…but having access to the RIGHT tool at the RIGHT time was essential to the efficient and effective performance of our labor.
So it is in estate planning as well. Having the right tool at the right time is important. For example:
- If you have completed a Living Will that details your instructions for life-extending care, your loved ones easily know what your wishes are and can act in accordance with those wishes.
- If they can’t find your Living Will (and are unfamiliar with its contents) but only have your Healthcare Power of Attorney, they can direct your medical care but they might not be able to do it just as you wanted.
- If they can’t access any of your documents at the time they are needed, they won’t be able to direct your care at all and a person you might not want making those decisions will be asked to do so.
These problems can be solved in several ways. First, you need to make sure your key players are educated about the contents of each of the relevant documents involved in their role. Together we do that by holding a meeting of your key players, either in person or by video conference, to make sure they understand your wishes.
Next, those key players have to know where to find the tools when they’re needed. This is accomplished by delivering your tools in three formats.
- You will receive a binder of original paper documents that is clearly labeled “Estate Planning Portfolio.”
- You will receive a key-shaped USB drive containing electronic copies of your “key” documents.
- You will receive complimentary access to a secure online repository for your documents that will allow you to access them anywhere you have an internet connection (phone, tablet or computer) AND you can grant secure document-specific access to each of your key players with their own secure login information.
A job is efficiently and effectively completed when you can access all the RIGHT tools at the RIGHT time.
If you’d like to begin educating your team and assembling your toolkit, click here to schedule your appointment online or call us at (720) 358-4768 today.
If you’re still not convinced that Estate Planning is right for you, click here to read Lesson 5 – Game Over.