Estate Planning: Want it to be easy after you're gone? It's the "who", not the "what" that matters most.
Routinely clients state "I want to make it as easy as possible on my loved ones after I am gone. Should I do a trust instead of a will?" My answer usually causes their head to cock slightly, not expecting my response. "It's not so much the vehicle or tool of estate planning you choose that makes things easier and less messy, it's the person you nominate to be in charge. If the person nominated is overwhelmed, unskilled in these types of decisions, or caustic, you'll have a mess whether it's a will or a trust." And then I see their heads nod, yes, in agreement. "Who will be in charge" becomes a critical question. My suggestion to clients is to aim for Switzerland: who is neutral, precise, and efficient? That may be a relative, a close family friend, or possibly an institution like a bank or accounting firm. When attempting to fill this role in your end of life affairs, picture the people you are considering doing the following:...