Most of us accumulate a sizable nest egg before we depart this world.
The only way to ensure one’s intentions are carried forward is to have an attorney codify those desires in an estate plan.
Aside from the obvious reason to draft a will (our inevitable mortality), there are several other compelling reasons to ensure one’s final wishes are carried forward into the future.
First, when someone dies without having a valid plan in place that specifies what happens to their assets, confusion and conflicts may set the stage for an expensive, drawn-out process for settling the person’s estate. Many times, it’s not just an academic matter. In fact, it can be an emotionally wrenching experience that on more than one occasion has torn a family asunder over squabbles and hurt feelings.
On the other hand, families who take the time to work with an attorney to ensure the process is executed per the deceased’s wishes can rest easier. They will know that when their loved one passes away, loose ends will not drive wedges between grieving relatives. The goal should be to set the stage so as to bring a grieving family to a point of closure that gives all parties a sense of resolution.
Some people may think drafting an estate plan is only for those with a significant amount of personal wealth. Yet money is not the only thing to consider in estate planning. Often an attorney with expertise in this area of law can prove to be an immense help in taking an inventory of all the essential items that should be addressed in a will.
For example, is there a minor child in the immediate family with educational aspirations? An estate plan can address those needs in advance should a parent or a child’s guardian pass away unexpectedly. This can be a particularly urgent matter if a child suffers from a disability.
End-of-life decisions are another important aspect of planning. Consider this statistic: Only one in eight Americans actually have a living will.
Ensuring proper provision for a spouse, should one partner in a marriage die unexpectedly, is yet another important aspect of estate planning.
The one mistake in estate planning that may pose immense difficulties down the road is not formalizing your intentions before an untimely demise occurs within your family. Take time today to consider your estate plan and do it for those you love.