In the Trenches of Potty Training
Not all stereotypes are true… that is a fact. However, the “rule-following first born” stereotype is really accurate in our house. Hallie is almost 5, and she is a great big sister who loves her younger sister and brother. She follows rules, cleans up after herself, and likes to make other people around her happy. When we potty trained Hallie a few years ago, she used the “big girl potty” within 15 minutes which gave me and Emily some misplaced pride that we knew how to potty train children.
Our middle child, Harper, is also very sweet and a great big sister. She is more adventurous than Hallie and willing to take risk, but she is not as interested in following rules. She has proven to be more hard-headed than her sister… I think she gets this from her Dad.
We are trying to teach Harper to use the “big girl potty,” and it has not gone nearly as smoothly as the transition with Hallie. Needless to say, Harper has proven to have the bladder of a camel and has only used the restroom once or twice a day during the first week of potty training!
Just as no parent looks forward to potty training their child, no one looks forward to creating (or updating) their estate planning documents either. BUT, potty training and estate plans are 100% necessary!
Your Estate Planning Documents
When building an estate plan, the primary focus is typically on how to transfer assets to your heirs in the most tax-efficient manner possible.
A few key items to consider when thinking about your estate planning documents:
1. Each spouse will need at least 4 documents: will, durable power of attorney, living will, and power of attorney for health care. And if you have minor children, you will need guardianship papers.
2. Estate plans need to be reviewed at least every 5 years, and the laws typically change enough to warrant an “update” every 10 years.
3. Beneficiary designations will control any retirement account, annuity, and insurance policy regardless of what your will says.
4. If you do not have a will, the state you live in will help settle your estate; however, this will almost always prove to be much more laborious, time-intensive, and expensive than using estate planning documents.
5. There are attorneys who are general practitioners and there are Board Certified Estate Planning attorneys who specialize in drafting estate planning documents… we favor Board Certified Estate Planning attorneys.
While it is never fun to talk about death or disability, having accurate and updated estate plans is essential to ensuring an efficient transfer of your wealth to your spouse and/or to the next generation. The old saying “an ounce of prevention is worth a pound of cure” is very true with estate planning.
While we do not draft estate planning documents for our clients, we work closely with a number of experienced attorneys to make sure your investment strategy, account ownership, beneficiary designations, charitable giving, and all other facets of your overall wealth plan are set up as efficiently as possible.
Is it time for you to review your estate planning documents? Maybe you need an estate planning attorney referral? The Price Group is here to help.
About the Author
Matt Price serves as a Partner and Senior Vice President for The Price Group of Steward Partners. He resides in Houston with his wife, Emily, their three children and "Fisher" the family golden retriever. Matt studied at the University of Pennsylvania – Wharton School of Business for his Certified Investment Management Analyst (CIMA®) designation after receiving his undergraduate degree from the University of Tennessee - Knoxville. Over the past 11 years, Matt has helped families make high quality, common sense decisions regarding their wealth and their legacy. Matt firmly believes everyone needs a wealth coach!
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