As parents, we set the stage for our children's future, often in ways we may not even realize. We understand the importance of role modeling when it comes to teaching manners or empathy, but what about in areas like financial responsibility and planning for the future? One of the most lasting gifts we can bestow upon our children is the example of a well-planned and carefully thought-out estate.
Just like our daily actions and behaviors, our approach towards estate planning and preparing for the future can impart lessons to our children, shaping their perception about responsibility, foresight, and legacy. Indeed, estate planning isn't just about writing a will; it's about charting the course for your family's financial and emotional future.
Think about the tragic death of Hollywood icon Carole Lombard. In 1942, Lombard, her mother, and twenty others were killed when their plane, following the wrong compass heading, crashed into a mountain. This fatal error resulted from relying on a flawed plan; they thought they were heading in the right direction, but tragically, they weren't.
The Lombard tragedy underscores the importance of accurate planning and direction in all aspects of life, including estate planning. When it comes to securing your family's future, there is no room for guesswork or flawed plans. Just as the pilots of Lombard's plane needed the correct compass heading, you need the right legal and financial guidance to protect your family's future.
It's easy to believe we're on the right path with our own makeshift plans. Still, without professional assistance, we might be following a misguided direction— just like the pilots of Carole Lombard's plane. As a result, instead of creating a protective legacy for our children, we might be steering towards unintended consequences like family disputes, lost wealth, and financial instability.
Consider the behaviors we model for our children daily. They learn from us even when we think they aren't watching. They observe how we cope with frustration, stress, and even how we take care of ourselves physically. They mimic the way we treat others, absorb our worldviews, and internalize our values and principles. This phenomenon is supported by the Social Learning Theory, which posits that people, especially children, learn by watching others.
In the famous Bobo doll experiment, children mimicked adult behaviors, treating a doll the way they observed adults doing so. This experiment proved that children tend to repeat what they see, underscoring the need for parents to be mindful of the behaviors they model.
But what does all this have to do with estate planning?
Consider estate planning as another form of behavior we can model for our children. Just as our actions and words teach our children about empathy, respect, or integrity, our commitment to planning for the future imparts critical lessons about foresight, financial responsibility, and concern for loved ones.
By including our children in the estate planning process where appropriate, we demonstrate the importance of preparing for life's uncertainties and making prudent decisions to safeguard our family's welfare.
Moreover, when parents model the process of consulting with an estate planning and elder law professional, they teach their children about the value of expert guidance and the importance of entrusting complex matters to those with the requisite knowledge and skills.
Just as a well-adjusted compass provides the right direction to a lost traveler, a well-structured estate plan, created with professional guidance, offers our families the roadmap to navigate the future, even in our absence. And by involving our children in this journey, we enable them to learn, grow, and eventually set their own course, secure in the knowledge that they have a guiding example to follow.
When you set the right compass for your children in planning for the future you give them an invaluable gift—the legacy of foresight, responsibility, and love that extends beyond our lifetimes.
The attorneys and professional staff at Stouffer Legal stand ready to help you with this important task. To learn how you can get started with your Estate Planning process visit https://www.stoufferlegal.com/steps-to-estate-planning-in-baltimore-maryland-stouffer-legal
Photo credit: Enlightium Academy
