Interviewer: Why would you say that estate planning is important?
Becky: I’m glad you asked that question because you said estate planning, you don’t say just estate plan. Estate planning is really a starting point.
It’s your first shot at it, but it continually evolves from there. Your beneficiaries may change, your assets are going to change over time, and instead of having one thing that you purchase once and set on a shelf, I really want to build relationships with people so that it’s a continuous planning process.
It’s important because a will is the only place where you can name a guardian for your minor children. If something were to happen, you, as the parent, has the choice to decide who gets to raise your child rather than a court.
That, in of itself, to me is golden. For that reason alone, every parent with minor children should have an estate plan. It’s very, very important to, at least I feel that it’s important, to make sure that you know where your assets are going. Maybe you have a certain piece of jewelry that’s a family heirloom and you want to have it go to a certain niece of yours, you get to make those decisions in your estate plan just by having a will.
Also, in the planning process, we can help with matters while you’re still alive. It’s called living probate. If you choose to have a revocable living trust, we can take care of issues that might come up rather than having a guardian or conservator appointed by a court, and to have the expense of going to court on those two issues. If we have a properly drafted revocable living trust in place, we can make sure that those issues are taken care of, so that we don’t have the need to go to court further.