Surveys reveal there are more than two-thirds of American adults who do not have a current estate plan. There are many reasons for this, but I believe one reason might be the “intimidation factor.” In other words, people don’t understand the process and maybe they don’t really like attorneys.
We created this Table Talk blog to help people feel more educated and comfortable with the process of creating an estate plan. Ultimately, with greater comfort and awareness, more people will actually take the step to get this done.
There are a number of reasons to create an estate plan. It communicates your wishes in the best possible way, it reduces worry, time, frustration and arguments among loved ones, and it actually saves you money in the long run!
There are also many reasons given by people for not creating an estate plan, including a little fear or intimidation. This blog is designed to reduce some of those fears.
An estate plan is simply a legal set of documents that ensure your wishes are carried out if you are incapacitated as well as after you are in heaven. An estate planning attorney is equipped to listen to you, create a customized plan and draft the documents that you need.
The process starts with you making some decisions like:
Who will handle my estate when I’m gone?
Who will serve a guardian of my minor children?
Who will make medical decisions for me if I can’t make them myself?
Who will assist me with financial matters if I need help?
How will my assets be distributed when I’m gone?
Once you consider those decisions, it is time to meet with an attorney. He/she will talk with you about your personal goals and help you formulate your plans. A set cost will be determined, and then the attorney will create the documents that you need.
Up until this time, there is usually no cost or final decisions. This is the time to set the framework and take advantage of the attorney’s expertise.
Next month’s blog will cover the second half of the process. We look forward to sharing that with you as well.
If you prefer starting your process now, you can reach out to me at paul.snamiska@kmlhs.org. I will gladly get you going on your own customized plan.