Estate Planning
Life has a 100 % risk of death: Plan for it!
It is difficult for us to spend money on problems that haven’t happened yet. We buy car and home owner’s insurance because we are required to by law. Other types of insurance are personal decisions: Do I buy life insurance and how much? Do I buy a short term or long term disability plan in case of injury or illness? All of these insurance coverages have something in common: we are making payments now to avoid financial difficulties or even ruin for ourselves and our families in the future.
When it comes to making a will, we are not required by law to do so. And, since most of us would like to avoid the unpleasant thoughts of incapacity, possible nursing home care and death, we put off doing so. Yet, if we are honest with ourselves, one out of those three events will most certainly happen. We may never be injured in a car accident or fall seriously ill but, one day, all of us will pass. How well have we have prepared for it?
The uncertainty that we face when making a will is this: Will the Court honor my wishes and my intentions? Do my heirs and family clearly understand what I intended in order to manage my will?
Given the importance of “getting it right”, this is not the time to do-it-yourself by using an internet document. A good wills and trust attorney will provide you clarity and certainty as you develop and record your wishes and intentions. Some people hesitate to consult an attorney, concerned they will be charged an exorbitant fee and required to take services they do not want. A good estate planning attorney will let you know up front the anticipated cost of drafting a simple will or a more involved trust. The attorney will allow you to choose which plan you are comfortable with and discuss with you goals, pricing and the consequences of particular plans.
Be cautious if the attorney you have consulted tries to “upsell” you a plan you do not need. For instance, an individual with limited assets does not need a trust and should not be talked into one. If you are not comfortable with what your potential attorney is telling you, seek other counsel. A key ingredient to making a satisfactory will or estate plan is that your attorney listens carefully to you. This ensures that your wishes are communicated clearly in the written document. Don’t stay with an attorney who passes you on to support staff after a quick, “cookie-cutter” interview.
Don’t gamble with putting your wishes and intentions in a document you pulled off the internet or got from a friend. A good wills and trusts attorney is like an insurance plan.You want to make sure that the document that records your wishes holds up in court when you’re not there to explain what you meant.
Katie Clark
