Beyond Legal Documents: The Practical Implications of Estate Planning
The Savvy Parent Podcast
Beyond Legal Documents: The Practical Implications of Estate Planning
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You’ve completed your legal documents like a will and a living trust, but is your estate plan complete? It isn’t truly an estate plan until you complete a few more steps. Lawyer Shannon McNulty shares about the additional steps you’ll want to take to round out your estate plan and make sure that your wishes and decisions are carried out as you intend. 

Lists, Letters, and Last Steps

While your will and living trust clarify what and where your assets go, and who will care for your children, there are a couple of additional steps that will help to ensure that your choices are carried out. When it comes to assets, including your digital assets, you’ll want detailed lists of the assets you own, and how to access those assets (including digital assets like your email accounts or websites).

When it comes to your children, you’ll have addressed guardianship and financial choices with your legal documents, but take the time to write a letter to those who would care for your children. This letter can include pertinent information like doctors names, medication information, and other practical details, but can also include wishes for how your children are raised.

Create a Copy of Your Complete Estate Plan

Once you have all of these items complete (or as you complete them), share electronic copies with your emergency contact. We recommend creating a shared folder so that you can add or amend as needed. At a minimum, you want all of these items in one place that your emergency contact knows how to access so, in the event this plan is needed, it’s easy to put everything into motion.

Resources mentioned

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About the Author

Shannon McNulty

Shannon McNulty is the founder of The Savvy Parents Group and a lawyer in New York City who provides legal planning for parents with young children. Shannon received her J.D. from Georgetown University Law Center and her LL.M. in Taxation from NYU School of Law. She has also earned her CERTIFIED FINANCIAL PLANNER(TM) designation. You can learn more about Shannon and her firm at www.mcnulty-law.com.

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