Shepard's law practice and personal mission is to guide people through all aspects of End-of-Life estate planning and preparation. His philosophy aligns with Passare's goal to provide relevant and trusted resources about a subject that impacts everyone.
Importance of Estate Planning
According to Shepard, regardless of one's stage in life or size of their estate, everyone should have an estate plan. Shepard noted that significant life milestones, events, or passages often prompt people to create an estate plan. The birth of a child, for example, is an excellent reason to establish an estate plan.
"Having an estate plan is a responsible part of being a parent … many will say they want their assets to be passed on to their child but how can they make sure that it happens if they were to pass away when their child is only 3-years-old?"
Being a responsible parent is about being prepared. Along with planning for a college fund, starting a trust, or deciding on life insurance, a responsible parent should have an estate plan in the event of a tragedy.
Reducing Family Stress is a Powerful Motivator
Having an estate plan in place makes it easier on loved ones, no matter the age. When a parent or grandparent passes away without an estate plan, it can leave a catastrophe for their surviving family to manage. In addition to the grief of loss, loved ones are forced to deal with the aftermath of organizing assets and sorting through proper legalities, which is highly stressful.
"This scenario can strike a person of any age. Many of my clients are motivated to begin planning because they don't want this to happen to them. Often, I will see an entire family and create an estate plan for each of them," said Shepard.
About the Passare Expert Partner Series
Shepard's interview is the first in the Passare Expert Partner Series, which is aimed at engaging and informing people on matters related to End-of-Life. Future interviews will highlight a new Passare expert and their relevant area of expertise: hospice care, grief support, end-of-life planning, digital assets management, Veteran benefits and services at End-of-Life, among others. New sessions with Passare experts will be released weekly. These sessions will be available at http://www.passare.com/resources/experts.
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