If you’re like most middle-class people, you probably view estate planning as something for wealthy folks or as a burdensome necessity that you will get to “one day”.

If “one day” comes around, and if you’re like me, you like to check things off your to-do list, you might try creating your own DIY plan using templates you find online. Then, you’ll put those documents into a drawer, check estate planning off your to-do list, and forget about them.

But estate planning shouldn’t be treated as something you begrudgingly do. In fact, it is a loving action to take for those you love and/or are responsible for, and to, if you own a small business.

Therefore, it’s not something you want to put off or piece together yourself. And, estate planning is for the middle class, and your estate plan is not a one-and-done type of deal.

Here’s why it’s time to prioritize planning and why DIY may not be the best option for you:

Keep your family out of court and out of conflict

This is probably the most important reason for prioritizing creating a plan. Estate planning is not simply about writing a will once and filing it away in a safe place.

You need a will, possibly a trust, power of attorney, and healthcare directive, to ensure that you receive the medical treatment you desire, your assets are distributed according to your wishes, that your loved ones are taken care of financially, and that your hard-earned assets are not squandered.

Too often, it’s one or two family members that do the heavy lifting and multiple family members that feel entitled to property, either based on proximity or promises that were never written down.

Make it easier for the ones you have verbally appointed to act on your behalf to perform their duties and keep the peace among those closest to you by specifying who your property should be given to. Make a plan.

Consider Trusts & Properly title your trust assets

A trust is an agreement that allows a third party (trustee) to hold and manage property on behalf of one or more beneficiaries. Trusts are often used to avoid probate, for privacy, and asset protection.

When you create a trust, it’s not enough to list the assets you want it to cover. You have to transfer the legal title of certain assets—real estate, bank accounts, securities, brokerage accounts—to the trust, known as “funding” the trust, in order for them to be disbursed properly.

We understand the importance of creating the trust AND ensuring your assets are properly funded. We’ll not only make sure your assets are properly titled when you initially create your trust, but we’ll also assist you with making sure that any new assets you acquire over the course of your life are inventoried and properly funded to your trust.

This will keep your assets from being lost, as well as prevent your family from being inadvertently forced into court because your plan was never fully completed.

Keep your plan up to date

Outside of not creating any estate plan at all, one of the most common planning mistakes is realizing the plan is outdated only after a loved one has become incapacitated or died.

By the time they contact an attorney, it’s too late. We recommend you review your plan following any personal events like divorce, deaths, births, and inheritances, or at least every two to three years.

You should also create (and regularly update) an inventory of all your assets, including digital assets like cryptocurrency, photos, videos, and social media accounts. This way, your family will know what you have and how to find it when something happens to you, and nothing you’ve worked so hard for will be lost to your state’s Department of Unclaimed Property (which can be a headache to recoup).

Love is an action word. We’ll support you in not only creating a plan that keeps your family out of court and out of conflict in the event of your death or incapacity, but we’ll also ensure your plan is regularly updated to make certain that it works and is there for your family when you cannot be.