What is Survivorship Planning?
Survivorship Planning is a systematic process of documenting vital information your executor and family need to carry out your final wishes and settle your estate.
Is Survivorship Planning the same as estate planning?
Estate planning is the process of defining and arranging for the disposal of an estate. Survivorship Planning is the process of documenting and maintaining the information your executor and family need to make it through the transition and settle your estate. Your estate plan is a vital piece of your Survivorship Plan.
I bought some software and a book to help me create some plans, is that a viable solution to documenting my details?
There are many options for software and books solutions to get some of your details recorded. People have a tendency to buy materials then become quickly overwhelmed or disinterested in the project and the materials tend to gather dust on the shelf. Materials are a one-size-fits-all solution and people are discouraged when they see a lot of information does not pertain to them or they need to add more than the materials allow. Also, if death is not imminent, then it can slide quickly down the priority list. If you actively follow-through with the planning, then maintaining the plan is not too burdensome.
How is a Survivorship Now plan different from the materials currently available on the market?
Survivorship Now has taken years of experience to create their materials. Materials are updated on a regular basis to change with the changing times. The 5 sections of the plan have been put together to include basic information, with one section dedicated to your contingency plan. The contingency plan section is the main section that is totally custom to your situation. It’s a mental and physical walk-through of your life which will capture details you may not have considered.
Why is Survivorship Now in business when there are materials available?
Your life and documentation does not require a one-size-fits-all plan. There are common basic elements, but then there are custom areas where people need to raise the appropriate questions and answer them. Anticipating the critical items and what trips up families when a death occurs is our specialty. Plus, people get overwhelmed with information very quickly and usually there is no sense of urgency when death is not imminent. With Survivorship Now, there is a combination of support, education and accountability to get it done.
Can Survivorship Now do a plan for my aging parents?
Yes, we work with aging parents quite often. The biggest challenge is to get them on board with the planning process by bringing them to a free consultation where the planning process is completely reviewed. Once parents can see what the process entails and why they are doing the planning, then the implementation runs smoother for them. Many times a third party can approach this sensitive subject much more effectively. But remember, if your parents need a plan, then so do you!
Do you work with attorneys to create plans?
We have worked hand-in-hand with estate attorneys. Many of our clients have worked through the financial information and taken that to their attorney to help them with the estate plan. Just the task of defining the assets, insurance and debts can be a challenge. We have also worked assisting executors and families after a death to settle the estate. It can get quite complicated quickly when it comes to the paperwork involved.
What can you do for a person who wants to do the plan on their own, but needs some instruction and educational backup to get it done?
A few clients have come to us with just that scenario. We offer our materials as a stand alone product and then can provide you consultation services to help you identify and follow-through with your plan.
How can I stay up-to-date with my plan?
To maintain your plan, pick out a time of year (January is a great time to review information before you do your taxes) and update your plan. To stay up on the planning issues, join our monthly e-newsletter “Notables” and it will bring up issues and solutions as they are identified. We periodically offer workshops and round-tables to inform you of the issues so you can make adjustments in your plan accordingly. (we announce them in our “Notables” monthly newsletter)