Let me explain what the trick is about wills.

Simon had no clue how to divide up his estate. He was going on a trip to Dallas and wanted to make a will before he left.

He wondered, “If I leave $25,000 to Billy and $25,000 to Sally, will there be enough money in my estate to come through on my promises?”

Let me share this secret with you about what Simon should do.

No one knows for sure exactly what their estate will be worth. That’s why you should think of dividing your estate in terms of percentages or, better still, shares. This is a lot easier than figuring out “how much will I have left for each person?”

Leave 5% or, even better, five shares, for Billy and five shares for Sally.

Remember this, though: Without a will, your estate is distributed not as you wish but as the government decides.

If you do not have a will, you have no say in who gets what and who is in charge of your affairs.

Free Estate Webinars

I am hosting a series of free estate webinars.

In just 30 minutes on Wednesday November 24 at 7:00 p.m. EST, you’ll learn the 5 costly mistakes to avoid when making your will.

To register for this webinar topic and others, click here.

Good, Bad, and Ugly Estate Planning

What’s the difference between a good, bad, or ugly estate plan?

Your answer may differ if you are the person creating the disastrous estate plan or a victim of poor planning.

If you are a victim of bad estate planning you have a different perspective. You could be forced to fix estate planning mistakes.

Ugly planning usually leaves you with few options, except going to court to have a judge fix things.

Your estate planning can have profound consequences for other people. Doing something as simple as dividing your estate unequally between your children could be a bad idea.

Will you be responsible?

Your children may become the victims of this plan.  They cannot understand why they were not treated equally by their parents. They end up living their lives with the pain of sleepless nights.

Sometimes, you create an estate plan that leaves spouses unprepared to inherit all your problems. These can be financial difficulties, former spouses, and difficult business relationships.

Sometimes you do not comply with your obligations under family law to support your spouse. You force your spouse to hire lawyers to go to court. This legal process only causes further financial hardship for everyone involved in the estate.

Sometimes, the problem is your estate pays more than it should in taxes. That’s bad.

Not taking the time to prevent problems like these will cause you to leave the wrong kind of legacy. After all, are we not here to enrich the world and not leave others with added hardships?

Good Estate Planning reflects the words of Thomas Mann who said, “A man’s dying is more the survivors’ affair than his own.”

Good Estate Planning is designed to prevent problems for the people we leave behind.

Good Estate Planning requires you to invest in professional advice.

There are no other shortcuts.

Do you disagree?  Then send me your comments.

If you believe you can do it yourself put your estate plan to the test. Let a professional offer you their comments. Then you will know if your estate plan passes the good, bad, or ugly test.

For more information, you can read Estate to the Heart How to Plan Wills and Estates for Your Loved Ones. Visit EstateTherapy.com today to read a sample chapter.