This is the time of year to do some spring cleaning. Some even suggest taking everything out of the house, doing a full clean, and putting everything back. This would be a great moment to realize how many things we don’t actually need in our lives. However, as suggested in our earlier blog, Spring Cleaning, it is difficult to say goodbye to our treasures. As difficult as it may be, it may make things much easier for those left behind after we pass.
We are reminded of how valuable this process may be with the passing of Margareta Magnusson last month, who wrote “The Gentle Art of Swedish Death Cleaning”. It was about decluttering and reducing the number of possessions before we die, while reflecting on the joy of life, and was translated into 30 languages selling over 1 million copies.
Estate planning should take into account what the kids want, and how to reduce conflict. At Garden State Trust Company, we understand that managing financial assets may be the most critical step in wealth transition, but managing memorabilia and physical assets and attachments can help prevent arguments and fights later on too. Using the approach of decluttering and spring cleaning each year, one can have an opportunity to approach progeny to ask questions and find answers before it’s too late. Questions like: who wants what artwork or memorabilia? Does anyone get something in particular because of a particular reason? Is there a story about the acquisition of any particular physical asset? When stories are passed down about the acquisition or meaning (perhaps some silverware was brought when the family came to America, but is rarely used so the story is forgotten), that story makes the items a remembrance instead of just things.
As estate planners, we also know that there are many things that should be reviewed annually in an estate plan, it’s not a one and done job. Spring cleaning and going through the process of thinking about what your kids want and need is a perfect time to review and adjust an estate plan.
Personal developments that should be addressed include:
- birth of a child, grandchild or other potential heir;
- divorce;
- death of a beneficiary;
- marriage or remarriage;
- change in state of residence.
Other factors that can reduce the effectiveness of an estate plan happen more gradually, over a longer period of time, and so may be less obvious. Things such as:
Changes in a beneficiary’s needs or capabilities. Has a well-adjusted youngster become a troubled adult? Is a troubled adult of yesterday now making more money than you do? Changes in the lives of those around you need to be reflected in your estate plan.
Has your estate become less liquid? Will your estate have enough cash to meet expenses and tax obligations? If you have hard-to-sell assets, such as real estate, fine art or family business interests, you’ll need special planning to avoid the forced asset sales from your estate at bargain prices.
Are you satisfied with your selection for executor? Estate settlement can be a demanding job. Particularly in the case of a larger, more complex estate, the services of an experienced corporate fiduciary—a trust organization such as us—can be a welcome, cost-effective means to lift a difficult burden from the shoulders of a family member.
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Estate settlement can be overwhelming, when people need time to focus on their grief. Estate planning can make that job easier, especially with an annual review to keep everything up to date. Someone needs to settle an estate, carry out the terms of the will, establish and supervise trusts if called for in the estate plan. That someone could be someone who has never done it, or only done it a couple times, and they might do a wonderful job. It could also be a company, like Garden State Trust Company, that settles estates routinely because we know how important that role is for society, and essential to our clients.
Our fees are comparable, we are impartial, we understand fiduciary responsibilities, and we are available to be of service taking on as much or little of the job as the family is comfortable with. Please contact us if you’d like a consultation about estate planning and estate settlement.
This content has been prepared by The Merrill Anderson Company and is intended as a general guideline.
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