In Uncertain Times, an Estate Plan Provides Certainty

Thinking about your death or incapacity is not the most pleasant topic.  However, it is important that you plan for your future to ensure that your wishes are carried out and your assets are protected. 

Americans are living longer than prior generations and are more likely to suffer from conditions like dementia or Alzheimer’s, which significantly impair our ability to make decisions.  In addition, the COVID-19 pandemic and subsequent economic uncertainty has shed light on the importance of preparing for the unknown. 

And yet, according to a recent survey, 67% of Americans lack an estate plan. The main reasons for this neglect are procrastination and perceived lack of wealth/assets. People either put off making hard decisions about their death and incapacity, or they believe a will or living trust would not benefit them. Unfortunately, in many cases, this belief is wrong and delaying planning is costly. 

You don’t have to be wealthy to benefit from asset protection and an estate plan. An estate plan provides certainty about who will manage your affairs if you’re unable to act; certainty about who will receive your assets in the event of your death, and if applicable, certainty about who will take care of your minor children if you are unable to care for them. Even if your assets are few and your children are grown, you can benefit from the certainty created by an estate plan. 

If you would like to further information about the creation of an estate plan, and how it can benefit you, please contact us and schedule a free consultation with one of our Estate Planning Attorneys.