Procrastination is something that a lot of people struggle with, and it certainly enters into the realm of estate planning. There are many reasons why people do not take action when it comes to planning for the future. One of them is the simple fact that they believe that they have plenty of time before it becomes necessary. This may or may not be true, but one thing is certain: When you go through life without an estate plan you are putting the well being of your family in jeopardy.
You have to ask yourself where your family would be financially if you were to pass away suddenly and unexpectedly. Most families are dependent on two incomes these days, and it is likely that your loved ones would suffer a diminished quality of life if you were to pass away without making any preparations for the unthinkable. Making sure that you have a vehicle of income replacement in place such as life insurance is very important.
There is also the matter of incapacity planning to consider. Advance health care directives such as a living will and a durable medical power of attorney are key components to any comprehensive, holistic plan for the future. You don’t know that is around the next bend and though you may never become incapacitated having these documents in place can give you the peace of mind that comes with knowing that you have all of your bases covered.
One of the reasons why some people remain frozen with inaction is because they don’t know where to begin. This is understandable, but a very simple solution exists. All you have to do is pick up the phone and make an appointment with an experienced estate planning attorney and work with your lawyer to develop a plan that protects the interests of your loved ones come what may.
- What Is the Best Way to Plan for Incapacity? - September 17, 2021
- What Is an ILIT? - September 14, 2021
- Estate Planning for the Beginner - September 3, 2021
