Have a good estate plan or you loved ones will pay the price (to an attorney).
There’s an old cliché saying that goes “The only two things in life that are unavoidable are death and taxes”. Unfortunately, that’s not entirely true as you could technically choose prison time instead of paying your taxes. Death, however, is unavoidable. So until we find a way around death, you need to plan ahead for what will happen when that time comes.
If you haven’t already, you need to speak with an expert about an plan for your estate or else an attorney will make a lot of money off your estate. That’s right, I said it. Attorneys make more money off estates that are subject to poor estate planning or no estate planning than we do off setting up your Estate properly with a Will and/or Trusts. You have spent a lot of time saving so that you loved ones could inherit something one day. Don’t take a short cut now.
I get a lot of calls from people who’ve acquired forms off the Internet or through mail orders for Wills, Trusts and the like. Some documents from these sources are fine. However, many of these documents cannot be customized to fit your particular needs. Many of these estate plans do not anticipate all the contingencies that could occur between the date you executed your Will and the date of your death. Many cause bigger much problems than if they’d done nothing at all. There is no such thing as a simple estate plan. Each person’s estate is unique.
As long as what you wish for your estate isn’t illegal, you can custom tailor your Estate Plan to distribute your assets however you’d like. So let’s say you want to make sure your cats are provided for after you die? I’ve got a Trust for that. Let’s say you want to make sure your kids don’t fight over the proceeds of your estate? We can have them together in harmony.
So you may have asked yourself why I’m encouraging you to have a good estate plan when I make more money off poor estate plans? Well, you may outlive me. That’s why.
If you are unsure about your current estate plan or if you need help in preparing an estate plan, please feel free to contact us.