Estate planning can be one of those to-do list items that becomes easy to rationalize putting off until tomorrow again and again. After all, you could understandably ask yourself, “What’s the rush?” However, it is far more productive to ask yourself, “What am I waiting for?”
The fact of the matter is that no one knows how long his or her life will ultimately last. You likely hope that you will live many, many more years from this point in time. However, it is imperative that you begin digging into the process of estate planning as soon as possible. Ultimately, you could unexpectedly become incapacitated in an accident or could pass away very suddenly and sooner than you might think.
All the motivation you need in order to start the estate planning process is the knowledge that if you do not construct a will, an advanced health care directive and other necessary documents that you and your loved ones will potentially be impacted in extremely negative ways. Your loved ones may be compelled to do battle over your estate in court, they may lose a great amount of your income due to preventable tax consequences and ultimately your wishes may remain hidden from view.
Please, if you have been lacking motivation to begin estate planning, think about what you wish for your own health care at the end of your life, think about who you would like to receive your property when you are gone and think about what you and your loved ones may go through if you do not resolve to tackle this important process now.
Source: Star Tribune, “Resolve to get your affairs in order,” Tim Engle, Feb. 19, 2014