Where does “estate planning” fall on your list of things to do? For most of us, it’s on the bottom, if it makes the list at all. So why should this type of planning rise to the top? Here are five reasons why now is the perfect time to plan for whatever life might send your way.
1. You have loved ones. And you want to take care of them. The state has default rules about who is considered “family” for the purposes of visiting and making health care decisions for a sick individual, dividing up someone’s estate, etc. For many people, the state default rules do not fit well. Creating a plan for your loved ones that guides them through some of the difficult decisions associated with your illness or death is a caring thing to do.
2. You run a business. What will happen to your clients, employees, and income stream if something happens to you? Business wills and personal wills go hand in hand in helping to keep things running when you are no longer able to. The relative cost to put these safeguards in place is small when compared to the enormous good they do if they’re ever needed.
3. You want your wishes to be honored. Most people have opinions about who they want to care for them if they are sick or injured or what will happen to their bodies when they die. The only way to ensure that these wishes will be honored is to set them down in writing prior to the time that anything happens to you.
4. We are all human. As much as we want to think that we are invincible, the truth is there is always a risk that difficult things will happen to us (like illness, injury, and death) sooner than we would anticipate. It’s ok. It’s human nature not to want to think about this risk, but making a game plan for the “just in case” can actually relieve some of that anxiety.
5. It’s not that hard. DLO charges affordable flat fees for estate and business planning work. Depending on your situation, this may include a will, trust, health care directive, financial power of attorney, and/or business will. It’s a good value for the peace of mind that comes with knowing you and those you care about will be taken care of no matter what the future may bring.