Dear Clients and Friends,
Many persons only get around to having a documented estate plan at the proverbial last minute, i.e. elderly and seriously ill.
Others may write a simple will when they’re young but then fail to review or update it until something happens that makes them think that the end is near.
While any estate planning is better than none, the vast majority of mistakes and problems occur when people procrastinate. Then they are compelled to do what they can, as fast as they can, which is to say the least, non-optimum.
Waiting until the last minute can make it difficult to locate all the documents you need to properly execute an estate plan. In addition, one might not have sufficient time to take advantage of valuable planning tools that would have been available to them to save taxes and to better care for their heirs.
Last-minute changes can be disturbing to family members. Many estate legal contests are the result of heirs whose expectations were upset by eleventh-hour amendments.
Estate planning is a critical part of one’s overall financial planning. Having it done in a timely manner does provide peace of mind – and rightly so when one has an estate plan in place for his loved ones.
Reviewing, and if needed updating, your estate plan every few years is recommended. This is especially so when there’s a significant change in your circumstances.
We continue to provide a free phone evaluation you or yours may have on any estate planning or probate matters and we invite you to call.