01 Feb

Why Your Estate Planning Project Must Morph into a Process

Manya Deva Natan

Manya Deva Natan

Manya Deva Natan is a California Bar Certified attorney with the law firm of SSS Legal & Consultancy Services located in Calabasas, CA. Her practice focuses on International Estates, Trusts and Estates, Asset Protection, Trust Administration, and more. Manya received her law degree from Stanford University, as well as a Master's in International Affairs from Columbia University. She has completed extensive course-work and training in the areas of mental, physical, and emotional health, including being a published author. She is the founder of two publishing-based companies related to health and wellness and has particular interest in the legal and financial components of health and their importance in integrated health. She has appeared multiple times on Good Morning America and is regularly contacted by national media outlets for commentary.
Manya Deva Natan

A shot of an asian student working on his laptop at the campusMany people put their estate plan on their to-do list as a one-time project: “Create estate plan” or “Meeting with lawyer 10:30 a.m. Thursday for estate plan.”

 

Thinking of your estate plan as a single project or task to complete and move off your list is a common approach – but it’s also an approach that can land you in considerable hot water. Here’s why it’s essential to view your estate plan as a process, rather than a project.

 

Process vs. Project: What’s the Difference?

 

A project that takes several steps to complete – like an estate plan – can seem like it’s a “process” already. First, I need to call the lawyer. Then, I need to make time to attend the appointment. Before that, I need to get together these documents….

 

In fact, a project doesn’t become a process simply because it takes time and effort to complete. Here are some of the key differences between a project and a process.

 

A Project:

 

  • Seeks to create something new or implement a single, concrete change.
  • Requires leadership to plan and execute.
  • Can have its plans or goals changed on short notice.

A Process:

 

  • Creates value by returning to the same task many times.
  • Requires management to ensure the process is consistent and produces expected results.
  • Can be changed only by launching a project with a goal to change the process.

 

Estate Planning as Process

 

When you’re creating a new estate plan, it’s natural to see that plan as a project. You’re creating something new when you work with a team to implement your plan. You create a positive change in your life by having an estate plan from not having one. And, you’re right. Setting up a trust or implementing your first estate plan certainly qualifies as a project.

 

But, the goal of the estate plan “project,” however, should transition into an estate planning process by which you check, evaluate, and update your will, trust, and other legal documents regularly – perhaps once a year, but certainly every time you hit a major life milestone, like the birth of child or grandchild, death of family member, divorce, marriage, significant change in assets or income, and the like. When your estate planning is viewed as a lifelong process, your plan is much more likely to serve your family’s needs, whatever they may be, when the time comes simply because you’ve been managing it proactively with each change in your circumstances.

 

We can help you get started with estate planning and are here to guide you along the entire process. Let us become your ally in managing the process and in ensuring that you and your family gain maximum value from returning to it on a proper schedule.

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