22 GoodLifeFamilyMag.com SEPTEMBER | OCTOBER 2018 Y ou’ve probably heard the expression that when people make plans, God laughs. Estate planning may be the exception. I have a friend with a very enviable trait: It seems the world always adapts to him. He never plans, is perpetually late and always forgets everything but never suffers consequences. He can ace a test he forgot to study for, get through road trips without a wallet or walk into a crowded restaurant and instantly get a table. I’m certain that my happy-go-lucky friend will NEVER estate plan – he fancies himself immortal. Should something happen to him, it would take someone weeks to go through all of his material possessions and financial accounts. It doesn’t help that he never keeps his mail and probably never pays taxes on time. I fully recognize most people would rather have a root canal than think about estate planning, so they procrastinate. Sometimes they make decisions and sign documents, but don’t share the plan with their children. It’s important to remember that estate planning makes things cheaper for us in the long run, and easier on others when death, disability or loss of capacity arise. Ensuring that your wishes for yourself, your family and your assets are carried out after you’re gone requires some advance preparation. That means we need to talk to our parents about their plan (or lack thereof). Before broaching the topic, adult children should know what information they seek. Is there a Will? Trust? Are there powers of attorney or advance directives? Who can get Mom or Dad’s medical records? How? What does the parents’ health insurance cover? Do they have life insurance? Have they made a list of every account they owe or collect money from? And where are all of these things located? The next time you sit down with your parents, visit a financial planner or see a tax professional, don’t forget to ask yourself “Is my estate plan where I need it to be too?” Editor’s Note: Reach Colin Smith at colin@colinsmithlaw.com or call 972.773.9095. www.ColinSmithLaw.com THE FAMILY GAME PLAN By Colin Smith | Contributor I fully recognize most people would rather have a root canal than think about estate planning, so they procrastinate.