Family First in Estate Planning

 

This guest post is from Sarah Collington, Regent Law 2L and current Wills, Trusts & Estates student:

Prior to taking a course in wills, trusts, and estates, I had no idea just how dangerous the idea of me dying intestate would be for my family. I am only 23 years old, and I do not currently have a spouse or children, but I still have family members who would receive the benefit of my estate after I die. My family is the most important thing in my life, and I am sure that once I am married and have children they will also be the most important people to me. I go out of my way to be there for my family; from getting on a plane during finals season and rushing home due to a family emergency, to filling up my fall and spring breaks with activities with them, my family is the root of who I am, and I am happy with that fact. This connection that I have with my family is why I want to make a will or trust as soon as I can.

To most people, especially most 23-year-olds, thinking about wills and death might be an odd thing, maybe even a little dark for some. However, thinking and speaking about death should not be considered a scary thing, especially when speaking about it with family. Losing family members is one of the most heartbreaking experiences in life, yet it happens, and we cannot stop it. Once we lose a loved one, many of us, including myself, enjoy spending time with other family members and reminiscing on the love and happiness that the deceased family member brought to our lives. Death should not be a scary thing, yet it is for many. It used to be for me until I began thinking of death as another way to just develop an already existing bond amongst other family members, or even reuniting family members who were no longer close to each other. Family is a core part of many people's lives, so why shouldn’t we plan to leave them in a better position once we are no longer around by leaving them a part of our estate? When we love someone when we are alive, we want to provide for them; why should it be any different once we are gone?

In my family, we always remind each other of “The 5 Ps of Life,” This phrase simply means, “prior planning prevents poor performance.” Applying that idea here, prior planning (by making a will or a trust) will prevent any regrets that you might have felt if you realized you died without gifting your estate to your loved ones (poor performance). Planning to benefit your family through a will or trust is, overall, one of the strongest signs of showing your love for them, and I cannot wait to do it.