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  • Home
  • About Us
    • Gratia Schoemakers
      • Community Outreach Program
    • Testimonials
  • Virtual Services
  • Estate Planning
    • Estate Planning Basics
    • Last Will and Testament
    • Revocable Living Trusts
    • Durable Power of Attorney
    • Medical Power of Attorney
    • Living Will
    • Family Estate Planning
    • LGBTQ Estate Planning & Asset Protection
    • Kids Safety Plan™
    • Business Succession Planning
    • Guardianship
      • Guardianship Planning
    • Special Needs Planning
    • Legacy Preservation Planning
    • Asset Protection
    • Trusts
    • Pet Trusts
    • Gun Trusts
  • Probate
    • Texas Probate Guide
    • Probate of a Will
    • Texas Affidavit of Heirship
    • Texas Small Estate Affidavit
    • Texas Heirship Determination
    • Texas Muniment of Title
    • Trust Administration
  • Family Law
    • Divorce
    • Collaborative Divorce
    • Mediation
    • Custody / Visitation
  • Blog
  • FAQs
    • FAQs – Videos
    • FAQs – Estate Planning
    • FAQs – Beyond Money in Estate Planning
    • FAQs – Divorce and Estate Planning FAQs and Myths
    • FAQs – Estate Planning for Newlyweds Myths and FAQs
    • FAQs – Estate Planning for Young Adults
    • FAQs – The Estate Planning Cast of Characters
    • FAQs – Expecting an Inheritance
    • FAQs – Myths and FAQs – Planning for Conflict Prone Families
    • FAQs – New and Expanding Families
    • FAQs – Pet Trusts
    • FAQs – Probate
    • FAQs – Standalone Retirement Trust Myths and FAQs
    • FAQs – Trust Modifications
    • FAQs – Unwinding Obsolete Planning
    • FAQs – Why You Want to Avoid Probate
    • FAQs – Year-End Planning Myths and FAQs
  • Contact
    • Virtual Estate Planning Login
    • Client Portal

Why Your Estate Planning Project Must Morph into a Process

August 12, 2020 By Gratia P. Schoemakers, Esq.

retirement

Many people put their estate plan on their to-do list as a one-time project: “Create estate plan” or “Meeting with lawyer 10:30 a.m. Thursday for estate plan.”

Thinking of your estate plan as a single project or task to complete and move off your list is a common approach – but it’s also an approach that can land you in considerable hot water.  Here’s why it’s essential to view your estate plan as a process, rather than a project.

Process vs. Project: What’s the Difference?

A project that takes several steps to complete – like an estate plan – can seem like it’s a “process” already.  First, I need to call the lawyer.  Then, I need to make time to attend the appointment.  Before that, I need to get together these documents….

In fact, a project doesn’t become a process simply because it takes time and effort to complete.  Here are some of the key differences between a project and a process.

A Project:

  • Seeks to create something new or implement a single, concrete change.
  • Requires leadership to plan and execute.
  • Can have its plans or goals changed on short notice.

A Process:

  • Creates value by returning to the same task many times.
  • Requires management to ensure the process is consistent and produces expected results.
  • Can be changed only by launching a project with a goal to change the process.

Estate Planning as Process

When you’re creating a new estate plan, it’s natural to see that plan as a project.  You’re creating something new when you work with a team to implement your plan.  You create a positive change in your life by having an estate plan from not having one.  And, you’re right.  Setting up a trust or implementing your first estate plan certainly qualifies as a project.

But, the goal of the estate plan “project,” however, should transition into an estate planning process by which you check, evaluate, and update your will, trust, and other legal documents regularly – perhaps once a year, but certainly every time you hit a major life milestone, like the birth of child or grandchild, death of family member, divorce, marriage, significant change in assets or income, and the like.  When your estate planning is viewed as a lifelong process, your plan is much more likely to serve your family’s needs, whatever they may be, when the time comes simply because you’ve been managing it proactively with each change in your circumstances.

We can help you get started with estate planning and are here to guide you along the entire process.  Let us become your ally in managing the process and in ensuring that you and your family gain maximum value from returning to it on a proper schedule.

Filed Under: Estate Planning, POA, Trusts, Wills, wwPROBATE Tagged With: EP Update, Estate Plan, Update

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