Estate planning is a dirty word that no one wants to talk about. It's better to deal with your estate now than after you die.

People often ask, "Why do I need to have an estate plan?” An estate plan ensures that your plans will be carried out upon your death. Most of us know that we need an estate plan. The problem is that no one wants to talk about planning an estate because it involves the end-of-life issues. It does not seem like an urgent issue when a person is in prime health. At least that is the way we perceive it. Nobody thinks about dying tomorrow, having a terrible auto accident, or that they'll be hit by an incurable disease. People don't want to worry about these things or think about them. It comes down to this. Do you want a bureaucrat dealing with your state, or someone you trust? It is better to deal with this tough issue now, because you never know when something bad may happen and take away all of your options.

Recently while giving a test, I had an interesting conversation with the phlebotomist. He asked about my occupation. I told him that I am an estate planning attorney. He told me a sad story about his family. Three years ago, his grandmother passed away. She had a will, but it was old. New changes had not been made in over 50 years. Her beneficiary was her 87-year-old daughter, who was not in good health. The young man's grandmother wanted her elderly daughter to handle her estate, but she did not want the burden at her age. The young man's grandmother left five survivors that had to be involved in settling the estate of their mother. Of the five, three wanted the estate settled one way, but the other two had a different opinion. All five of the daughters fought over the proper solution. Unfortunately, they never came to a solution. The phlebotomist admitted that his relationship with two of the aunts had been damaged due to this ugly situation. Now, none of these sisters speak to each other anymore. Even the young phlebotomist has no relationship with his two aunts.

This illustrates a very important point. Leaving the decision about your estate to surviving family members can create problems that you would never think about. You want to make sure that grieving family members avoid events like this.

You need to periodically review your estate plan to make sure that it spells out your current wishes. Taking care of this now will ensure that your family will not get involved in squabbles that can destroy the entire family.

 

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