We Redid All of Our Estate Planning: Here’s How We Made Sure to Find Emotional Peace

Excerpts from White Coat Investor Columnist Dr. Julie Alonso, 02/14/24: "Determine Your Estate Planning Goals: For many, the goal is to leave your heirs with a sense of financial security and/or to leave a legacy behind with charitable giving. Taking time to think about this on your own and/or discuss it with a partner if you have one or a trusted family member or friend can be helpful to get into the right mindset. …and… There can also be considerations of issues that may put your heirs at risk of blowing through the trust money—such as substance addiction, gambling, severe mental illness (mania), or other issues. Another special situation would be creating a lifetime trust for a child who has special needs, a disability, or another medical condition that may require lifelong care."

Our take: Whereas this article is written by a medical doctor with an eye towards medical professionals progressing through their careers and managing their personal finances, its more-so written as a parent experiencing the phases of having children, watching them progress, and anticipating the author's own future and their family's future. Dr. Alonso's very practical approach included evaluating estate planning goals, relying on a professional, and granularly laying out a tiered approach to asset distribution and even considering the curves life can deliver to any of us. The author identified a number of significant decisions they encountered and shared their pragmatic and thoughtful approach to each decision. And, of course, the "What About Pets?" discussion really won us over! Read the full article."

‘Sorry I am dead’: Why a ‘death note’ Is As Important As Having a Will, Advisor Says

Excerpts from CNBC, 02/02/24: A “death note” is more informal than wills and other estate planning documents, but perhaps just as important, said certified financial planner Doug Boneparth. Its contents ease the burden on loved ones when you die. The document might contain login information for financial and other household accounts, important points of contact, the location of physical items like home and car deeds, and one’s wishes for their online presence like social media.

Our take: What a fascinating and interesting read, and very eye-opening. A traditional will — whether you use a self-guided form or software — can seem like a non-personalized and overly-simple administrative process and document. Though it may address vital questions and answers in a legally compliant and binding way, it does seem to be a bland way to pass on your legacy. However, the 'death note' described in this article is presented as a truly interesting complement to a traditional will. A favorite sentence from the article reads, 'This letter is more to help you take control at a time when everything feels out of control,' and another reads, 'It’s not just about money; it’s about memories we wanted to keep,' and other practical aspects of the transition a loved one is having to go through when you pass on. What a better near-final thought to experience, that you've actually shared everything you wanted, for your sake and theirs, especially when the unexpected happen. Read full article.