Photo credit to Anna ॐ https://www.flickr.com/photos/annagsalmina/4700056240/
Many see estate planning in many different way, some see it is an old person thing, rich person thing, scary thing, messy thing, sad thing and some even told me it is Fighting ! So what do you think ?
I think it should be a backup system to substitute us to perform what we want to do for the people, things and ideas that we care the most.
Let’s watch this Youtube video to witness how even death can’t stop Jim to show his love to his wife (Shelly).
Have you just empty a box of tissue paper? Is this scary? No! this is so lovely! And the moral of this story tell us that with a good planning, even death will not stop us from showing our love to the person we love; neither stop us from doing what we want to do.
Therefore estate planning is not just about to buy an insurance, writing a WILL and setup a TRUST. For my point of view estate planning is all about how you plan to use what you have, to do what you want to do for your entire life and beyond. To write a WILL and setup a TRUST is just to have a more structured,secured and sustainable system on both financial and legal, to get the job done properly.
There are a few thing that I concern from touching story of Jim, if he didn’t plugin TRUST as a part for the plan.
- How long will the funding for the plan run out of money to pay the florist to do the job for him ?
- Will the new owner of the florist continue to perform the job? Because the flower shop might change the owner due to many possible reason.
- What if Shelly decided to change her location to stay? Will the flower shop able to continue their duty?
The list can go on further more, and it is not 100% guarantee that setup a TRUST will make the plan “bulletproof” but setting up a TRUST for the plan will definitely have a better way to respond, to most of the odds that might happen and make sure the plan do really perform like what he has wish for. I really do hope Jim does setup a TRUST to perform his amazing plan to show his love for Shelly, because it’s really what he has done is really lovely and inspiring.
For the ending of this post, I encourage you, do take a time from your busy schedule, go to some place quiet and start to think about what is the thing/things that worth it for you to do it for your entire life and beyond, and I believe to show our love to someone we love will always be a good way to start. Then get a estate/legacy planning adviser you trust to work out a plan with you to make sure even death can’t stop you for doing it.
Reminder: To have a nice and well planned backup plan to show our love is sweet and lovely, but show it now is much sweeter and lovelier.
Estate planning/legacy planning is way more than just passing wealth, it’s about to preserve and protect the people, things and idea that we care the most.