Relational Estate Planning
Relational Estate Planning: A Better Approach
Relational Estate Planning: A Better Approach
Relational estate planning is using your end-of-life plan to focus on your loved ones’ well-being, rather than focusing on yourself and on how you’ll distribute your assets. There are many ways you can use the law to care for those you hold dear beyond a simple will or trust. With different estate planning tools, you can protect and provide for your loved ones, avoid conflict, leave a legacy behind, preserve special memories, and ease burdens related to your passing.
Relational Estate Planning VS. Traditional Estate Planning: What’s the difference?
Traditional Estate Planning
- Approaches estate planning from a financial stance
- Planning begins by evaluating assets and distribution methods
- Prioritizes asset distribution
- Money is seen as what is left to be passed on
- Loved ones seen as recipients of my assets when I die
- “Who gets my stuff?”
- Is marked by satisfaction regarding assets and heirs
- Narrow view of end-of-life possibilities; meets basic estate planning requirements
Relational Estate Planning
- Approaches estate planning from a holistic stance
- Planning begins by evaluating most important relationships
- Prioritizes loved ones’ wellbeing
- Money is seen as a tool used to protect and provide for loved ones
- Loved ones seen as people I want to do justice to when I die
- “Who can I care for?”
- Is marked by confidence and peace of mind regarding loves ones’ future
- Broad view of end-of-life possibilities; goes above and beyond minimum expectation
Relational estate planning does not appeal to everyone, however. It takes forethought, soul-searching, intentionality, and work that traditional estate planning doesn’t require. It is self-sacrificial by nature because it’s for other people. But ironically, we’ve seen that those who are willing to set up a relationship-centered plan experience more confidence, peace of mind, and sense of purpose about the future than those who simply check the box beside “get a will drafted” on their to-do list.
If you’re someone who wants…
• assurance about your loved ones and their future,
• confidence that you’ve done everything you can to meet the needs of those around you,
• the end of your life to be focused on your relationships, and not your assets,
• the relief of knowing you’ve set your family up for success in your absence, or
• certainty that you’ve fulfilled your role in the lives of those you hold dear,
…then relational estate planning is for you.
For a deeper look into relational estate planning, request a copy of our book, “Fearless: Facing the Future Confidently with Relational Estate Planning” by Joshua E. Hummer, Esq. and Anna Michal.