As early as the early 17th century, scholars began using the phrase “In this world nothing can be said to be certain except death and taxes.” A few hundred years later, not much has changed. Sure, people now have ways to reduce taxes, and some societies don’t charge income tax, but still, the grim reaper comes calling for us all. Estate planning is important because there is no way around death and no telling when it will come. It is better for you and your loved ones to have your wishes made clear in an estate plan before it is too late.
We often hear, “I will be gone; what does it matter if I had an estate plan?” It’s hard for us to imagine that the world goes on after we’re gone, but it does. Someone has to pay off your debts, file your tax return, distribute your assets, and handle your belongings after you pass.
If you won’t create an estate plan for yourself, do it for loved ones.
Do it for the young adult who shows up at our office distraught by a loved one’s passing and has to clean up a financial headache while they grieve.
Do it for your wife, who will have to go to court to speak on your behalf when you are incapacitated because you didn’t fill out the forms that gave her that power in advance.
Do it for your nephew whom you’re leaving all your assets to, so he doesn’t have to wonder if you meant to leave him money.
Make your intent known; give loved ones the power they need to care for you and protect them from further heartache.
The second most popular question is
“Why do I need an estate plan now? I’m not old.”
At JSA, we plan for you to live a long, healthy life, and we sincerely hope you are that lucky. However, it is also our job to have these hard conversations early because you never know when you will need your estate documents. We want to save your family headaches, legal fees, and court delays, and, to be frank, it makes our job easier too.
If you’ve made it this far, you’re probably wondering, “So, what is an estate plan? And what type of estate plan should I have in place?” A good estate plan outlines your financial and healthcare wishes through documents such as a will, financial power of attorney, health care power of attorney, and, often, a trust. Only attorneys can recommend whether a trust or a will is right for you, but we can educate and support you as you make the decision and work with you to set up your accounts in accordance with your wishes once you know your plan. We provide some education in our blog post on the difference between a trust and a will, which you can read HERE.
If we’ve convinced you to take action today, you should ask, “What’s the next step in creating my plan?” Our team is here to help! Let’s have a consultation about what you hope to accomplish, and then we can partner with local or online attorneys to make it happen.
Most people never feel like it’s the right time to create an estate plan, but taking the first step today can make all the difference tomorrow.
