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| Phillip Gubler and Tom Bayles |
My great-grandfather earned a living raising
sheep in Parowan, Utah in the late 1800s. My father was always referred to as the
sheepherder-at-law. Dad retired and the sheep
business continues with me. Sometimes I
wonder why I bought off on this idea of keeping a herd of sheep, especially if
I have an unpleasant task at the farm in the middle of the night. I suppose it is an effort to stay in tune
with my ancestors.
The wool from a herd of
sheep is sold once a year at a wool market in Salt Lake City. The wool quality is graded by a random
sampling and sold in bulk based on that sampling. It is not a problem for the wool buyer if
some wool is of worse quality and some of better quality as long as it averages
out.
In one respect, wool buying is like estate
planning; there are some estate plans that are of good quality and some that
are of poor quality. A good quality estate
plan will be written well and allow you to arrange for the management and preservation
of your assets during your lifetime, provide how your assets will be
transferred or disposed of upon your death, allow you to designate the
beneficiaries of your wealth, and minimize taxes and other costs. An average quality estate plan may work, but it may also result
in significant delay and increased expense. With a poor quality estate plan, you may have been better off to
have no estate plan at all. Estate
planning is different from wool buying in that an average plan or a
poorly written plan can be devastating to your estate and the law of averages
will not accomplish your goals or console your beneficiaries.
The
best way to obtain a good quality estate plan is do your homework and carefully
select an estate planning attorney to assist you. The legal system is extremely complex. It is imperative when searching for an
attorney to carefully select an attorney that primarily practices in the area
of law in which you need assistance.
Thus, if you need assistance with estate planning, you should seek
recommendations from trusted friends or advisors for an attorney that practices
primarily in the area of estate planning.
Price is not always a guide since estate planning services are not a
fungible good, cheaper is not always better, likewise, a more expensive plan
does not necessarily equate to a better plan. You should be comfortable with
the attorney you select and the attorney should take the time to meet with you personally,
discuss various estate planning alternatives for your situation, and learn from
you what you wish to accomplish with your estate plan.
I invite you to consider investing some time
in your estate planning. Estate planning
is an invaluable tool that provides increased financial security and peace of
mind for yourself and your loved ones.
A basic estate plan
should include the following documents: (1)
Revocable Trust (a trust is not for everyone); (2) Last Will & Testament;
(3) Durable Financial Power of Attorney; (4) Advanced Health Care Directive;
and (5) various ancillary documents in a trust plan, such as a deed
transferring real property, certificate of trust and a personal property
memorandum. If
you are unsure if your estate
plan accomplishes your goals, then you should retain an estate planning
attorney to review and explain your documents to you. With proper estate planning documents you won’t
need to count sheep at night because you will have peace of mind and be able to
sleep well.
1 comment:
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