Estate planning is not a priority for many individuals. A multitude of excuses are given to postpone/avoid estate planning among them the following:
- More immediate priorities;
- I’m young, estate planning is for old people;
- I’m old, my friends who did estate planning died;
- I don’t have significant assets so estate planning is not necessary;
- My family status is stable so estate planning is unnecessary;
- I don’t need to waste money on outside advice, I can obtain any necessary documents “for free” online;
- I’m waiting until I decide on estate planning issues;
- Estate planning is too expensive; and
- My estate planning issues are simple, and legal documents are unnecessary.
However, estate planning for any adult who desire to ensure that he or she can maintain control over their own lives and their own assets estate planning is a necessity.
For an individual without significant assets, among other benefits, doing estate planning allows the individual choose the agent that the individual chooses to act for him or her if incapacitated and otherwise unable to act; allows the individual doing the estate planning to propose who (within legal parameters), under appropriate circumstances would be the guardian for the individual’s children; (within legal parameters) to distribute or manage the estate planner’s assets; and to express the estate planner’s desire to minimize possible family friction.
Additionally, estate planning can prevent the need for expensive and time-consuming legal guardianship proceedings.
Also, estate planning might reduce probate administrative fees and simplify asset distribution in the probate administrative process.
For older individuals, estate planning is necessary to ensure that the older individual will be able to continue to maintain that individual’s desired lifestyle.
Regarding “form documents” available online, remember in today’s complex world everyone faces different challenges and every individual thinks differently. Examples of possible open issues to be addressed include: health or addiction issues; domestic or other family issues; and assets encumbered or in foreign countries; if desired, asset control issues; charitable contributions; minimizing potential tax liabilities; designating agents capable and willing to carry out the individuals goals; and, if necessary, providing for asset protection..
Estate planning with competent advisors allows individuals to make informed choices regarding their control of their life and their assets.
Contact us if you desire Our Firm to assist you in making informed choices. Our belief is that each individual should be the primary decision maker.
