Madmen displays drama in estate planning.
Although I didn’t watch the show when it originally aired, I did recently tune in to a rather interesting episode of Madmen. For those of you unfamiliar with the show, it is a drama centered on employees of an ad agency in 1960’s New York, and their families.
After watching one specific episode, entitled “The Arrangement,” I felt compelled to write this article.
In the scene, one of the principal characters (an adult female), is talking to her father. The conversation depicted is both honest and one seldom, if ever captured on television.
The man (who is suggested as having Alzheimer’s and being in relatively poor health), is explaining to his daughter (whose home he is living in), where he has stored his estate plan.
In the tradition of televised drama, the man pushes for the daughter to have the conversation. The daughter, who isn’t ready or willing, voices her objection. The father insists anyway. In the end, they exchange well written quips – both having had their feelings hurt. Fade to black.
The drama depicted in the scene does not need to happen in real life (but often does). However, it is possible to talk to your family about your estate plan without hard feelings. Regardless of how you do it, it is important to do it.
Why should you have a conversation with loved ones about your estate plan?
Although based in fiction, the writers packed in a lot of truth. Your trustee, agent, or executor, for example, are usually family members or friends serving in official roles. They need to know the location of your estate plan in the event of your death or incapacitation.
Some people think it best to make copies of their plan for family members or friends. However, most estate planning attorneys suggest keeping only the original. In doing so, you limit the possibility of error should you ever revise or update your estate plan, making it difficult for anyone to submit an out-dated version by mistake.
Another reason to talk about your estate planning (preferably before the plan is drafted), is to assure the people you choose as trustees, agents, or executors are willing to handle the responsibility you have given them, or are about to give them.
Additionally, if you later change who is in charge or how much someone will get without informing them, you might hurt some feelings.
And again, talking about your estate planning doesn’t have to be stressful or emotionally draining. Here is a tip; don’t wait until a moment of crisis to start talking about estate planning. Instead, do so sooner rather than later when there is as little stress as possible. By doing so, you can avoid your own personal Madmen moment.
For more information about wills, trust or other estate planning options; please contact a qualified estate planning attorney.
