Stop Procrastinating About Estate Planning

Did you know that 74% of U.S. parents with children under the age of 18 lack a will?  Of all U.S. adults, only 4 in 10 have a will.  The most common reason is “I haven’t gotten around to it.”  These are the surprising results of a recent study.

Everyone over the age of 18 needs an estate plan, whether you make minimum wage or are ready to start a family dynasty.  Why, I hear you ask.  Consider these benefits:

  1. To protect your privacy
  2. To preserve your estate (aka your stuff) for the benefit of those you choose
  3. To minimize expenses and taxes
  4. To ease the burden on your family
  5. To avoid the cost and indignity of guardianship (by choosing someone trusted to act for you should you be unable to do so)
  6. To ensure the continuation of your business
  7. To keep the government from deciding what happens to you and your estate

A basic estate plan usually includes a will, two durable powers of attorney (one for your assets and the other for health care – aka a “health care surrogate”) and a living will (an instrument whereby you provide instructions to your doctors regarding life-prolonging procedures).  It does not take long put a plan in place.   As your estate grows, so too does your plan.

At heart, we are all young and immortal.  Do not let that stop you from putting a plan in place.  It was, after all, Benjamin Franklin who said that “in this world nothing can be said to be certain, except death and taxes.”  He was right.

Post Date: February 20, 2017

By: Robert C. Chilton