Peace of Mind

Life is full of contingencies. While some outcomes are relatively certain, other events are more difficult to predict. This uncertainty can create estate planning challenges. Because life changes quickly and sometimes unexpectedly, your estate plan needs to be flexible.

You can make changes to your estate plan when you are still alive, but when you pass away, your plan is effectively—but not entirely—set in stone. Incorporating milestones into your estate plan is one way to hedge against the unpredictable future. By creating incentives for particular events, you can continue to exercise your values and provide for your loved ones beyond your lifetime.

Clarifying Your Wishes with If-Then Statements

If-then statements allow outcomes to be determined with conditions. They are found in deductive logic, computer programming, and legal documents, including estate planning documents.

The premise of an if-then statement is simple: if a given criteria is met, then a certain action follows. For example, you might write in your will that, “If my spouse predeceases me, then I leave my house to my oldest son,” or, “If both my spouse and I pass away, then [Person X] will be nominated as guardian of our children.”

Such clauses can help you retain some power over outcomes that would otherwise be out of your control. They can also help you to plan for future contingencies in a way that is not possible with simple declarative statements (e.g., “I leave my house to my spouse.”).

If-then clauses can be combined to account for numerous future possibilities. So, in addition to “If my spouse predeceases me, then I leave my house to my oldest son,” you could specify that “If my son […]

Among the superheroes, Batman is unique because he has no superpowers. Although he is trained in the martial arts and possesses a range of high-tech gadgetry that allows him to fight crime, Batman is entirely human. He does not have genetic mutations, X-ray vision, overpowering physical strength, flying ability, genius-level intellect, or any other god-like powers.

But Bruce Wayne does possess something that is key to his moonlighting as Batman: money. As the heir to an enormous fortune, Wayne is one of Gotham’s wealthiest citizens. He is also a major philanthropist who donates money to various causes. While his philanthropy is overshadowed by his masked vigilantism, neither would be possible without the money left to him by his parents.

Carrying on the family legacy means different things to different families. You probably do not want your heirs to follow in the footsteps of Batman—at least when it comes to crime fighting. You might, however, want to inspire them to the philanthropy of Bruce Wayne. If so, your estate plan should be structured in such a way that it gives your loved ones the finances—and the flexibility—to do good on their terms.

Batman’s Birthright

Most superheroes are fated to become who they are due to forces beyond their control. Spiderman and the Incredible Hulk were the unwitting victims of radiation. The X-Men were born with genetic mutations that made them societal outcasts. Captain America received an experimental “super-soldier serum.” And Superman hailed from the alien planet Krypton.

Bruce Wayne developed the ability to overcome powerful foes, but he does so primarily through his personal drive and ingenuity, with an assist from his family fortune, which he inherited at age eight when his parents, Martha and Thomas, were killed. Also instrumental in […]