Don't Wait To Plan Your Estate
When times are good, estate planning is probably one of the last things on your mind. We understand you’re busy and you have other things to do with your time and money. It’s hard for many clients to justify the time and expense associated with creating a comprehensive estate plan when there are so many other things competing for your time and attention.
The truth is, “the good times” are the best times to prepare an estate plan. This is the time when we have the most options open and available to us to plan for the future and to protect assets.
The reality is, most people wait for something bad to happen before they think about estate planning. Often clients come to our office after they’ve just been through a difficult probate with a loved one and want to spare their family the same process. Sometimes clients come to me after they’ve been diagnosed with an illness and need to put their affairs in order. Often we receive calls after tragedy strikes.
One of the most frequent calls we receive is from adult children of aging parents who are looking for ways to help a parent who can no longer live independently. The writing has been on the wall for years, but no one wanted to talk about it until it reached a crisis point. Unfortunately, by the time we reach this point our options are severely limited.
The consequences of waiting to prepare a comprehensive state plan are numerous. They can include:
- Added Stress: One of the best gifts you can give your loved ones is a well-planned estate. In the midst of a crisis, a comprehensive estate plan offers guidance and support. If you’re in the midst of crisis the last thing you want to be doing is trying to coordinate emergency estate planning
- Additional Costs: Emergency estate planning is possible, but comes at an additional cost. To handle a crisis estate planning case we have to turn down other work, make visits to the hospital, rush documents or arrange out of office witnesses. This all comes at an additional price.
- Reduced Options: Emergency planning will typically reduce the options available to a client. This can be due to time constraints, the circumstances and a number of other factors. Additionally, a client must have a certain mental capacity to execute an estate plan. Sometimes it may not be possible for the client to execute documents and the family may be faced with much more expensive guardianship proceedings.
Estate planning isn’t just something that you should put on the back burner and wait for it to boil over. Proactive planning will provide you with the most benefit, save money and give your loved ones peace of mind in a crisis.
A well-planned estate is one of the best gifts you can give your family. Click here to learn more and setup a free consultation to get started.
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