Your Legacy

I just finished watching "My Father, the Genius", a documentary film. The project began when Glen Howard Small, an architect, shared his will with his daughter, Lucia Small, a television producer and documentary filmmaker. In it, he asked that she write his biography to ensure his lasting architectural legacy. She instead asked if she could film it instead, and have it cover the whole of his life, not just his architecture. The result was a healing and learning experience for both of them--his leaving the family at a young age and his subsequent relationship problems with women had left her with many questions, and he had no idea how conflicted his daughter was about him. In making the film, she explored his early prominence as a forward-thinking architect and founder of a now prominent architecture school, as well as his stubbornness and refusal to play "office politics," which led to his ouster from the school, three failed marriages, five estranged children and begging for work. You'll have to see it to see what happens, but I can say it brought the family closer together and was excellent in forcing discussions about issues that he may have otherwise taken to his grave.

While we're not all documentary filmmakers, it's a good example of why I like the entire family to be involved, in some aspect, in the estate planning process. (As an aside, there are companies that prepare documentaries to capture family histories.) I realize that the people leaving the money have the complete freedom to do what they choose to do, which is as it should be. I just think there's a much higher chance for success of the plan when the reasons for making it are explained. Otherwise, children and other beneficiaries can be hurt when they don't understand why they're getting what they're getting, or why they have to wait to get it, or why charitable gifts are involved. The best estate plans allow for the goals, hopes, dreams and aspirations of their makers, and they communicate them as well. Some explanation of the reasoning behind decisions can turn a potential trust contestant into a trust proponent.

It also can lead to some creative solutions for taking care of everybody. People aren't always aware that they can leave money to their children while also providing for their spouse. They aren't always aware they can leave funds in a special needs trust to provide for disabled beneficiaries without disturbing their government benefits. They may not know they can protect their children's inheritance from creditors, tax liens, spouses or even the children themselves. As a consequence, they may cut out people entirely, causing needless hurt feelings and heirs who stop talking to each other.

Openness also helps when disability or death strikes--the designated people will know who to call and what to do, and the others will not feel left out of the process wondering whether the trustee is up to no good.

One last note: have your attorney keep a copy of your estate planning documents and leave the attorney's information with your important papers and with beneficiaries. That way, people will have access to the current documents (only when they're needed), and heirs who happen upon the will/trust first and don't like what they see can't "lose" the will/trust. This happens more often than you'd think, so have a backup plan.