Then, we get specific!
We go over the Big picture and the Details of every document. The big picture to ensure your goal is the center of every consideration. And the details to carve the path to gets us there. This process ensures that the end result is exactly what you want.
The following are the types of questions you will think about and answer during the Planning Session.
Legacy
Big Picture: What is your legacy? How do you want to be remembered? Who do you want to take care of? What do their lives look like? Do you want to make a difference in the society? Who do you trust to take of those you love? Who do you trust to care of your children? Where do you want your final resting place to be?
Details: Think about your beneficiaries and what type of life you want them to have. Your family, their histories, and their likely futures. Are there family members you don’t want to take care of? Are there charities you want to support? Who do you want to take of your children? How do you support them during their lives? Do you transfer money, house, & other assets directly? Or do you create a Trust to manage them for them? Should a court be involved in the Trust? At what age do they stop needing the Trust? Or do they always? How do you protect your children’s assets? Who do you want as your Personal Representative or Trustee? Think about the substitutes for these roles. How you decide the alternatives for each role? What powers do they have? What powers do they not have? What should be the compensation for their time? Can they hire agents to help manage the estate? Are there limitations for them and what are they liable for? Think about every item you own (including your house, cars, bank accounts, businesses, stock, family heirlooms, cherished photos, diaries, & memorabilia) and who should receive it (or should nobody?). Your private messages, diaries, or writings – what happens to them? Do you want your Personal Representative or Trustee to even look at them? Do you treat your digital assets (computer documents, crypto, skins, and/or accounts) and/or digital communications (email, text, private social media chats) differently than your personal property? Equivalate the values of each and who would best enjoy these specific assets. Think about how you distribute the property: specific bequests, general bequests, testamentary trusts and/or the residue/reminder.
Finances
Big Picture: Who do you trust with your money? With making the best financial decisions? Who do you think is the most responsible person in your life? Who will make the best decisions for you? Who is good in crisis?
Details: Who is the primary and the secondary agent within your Durable Financial Power of Attorney? What assets should they have immediate access to? What assets should have no access to? What duties must they do or not do? (banking, bills, real estate, taxes, investments, government benefits, business expenses) What assets should they wait to have access to? (bank accounts, stock, cash, real estate, lock-boxes, locked safes, personal property). What decisions can they make in the future? (borrow money, invest, sell investments, buy/sell personal property) When should it take effect? Do you want them to be able to assign this power to someone else?
Healthcare
Big Picture: How will you fight for your life? When is it not worth fighting anymore? Who do you trust the most to make the hard decisions for you? Who can make quick decisions? When would you not trust yourself to make the correct decisions for yourself?
Details: Choose which treatments you authorize or do not authorize (CPR, mental health medications, physical health medications, medical ventilation, inpatient treatment, artificial nutrition, dialysis, palliative care). What type of diseases or medical situations require different treatments? How much power or decision making do you leave to your Health Care or Mental Health Care agent? Think about your donation status and its limits.
