If you don’t have a comprehensive estate plan in place, the results could be disastrous.
- You never know what life has in store for you, and procrastinating on setting up your estate can have serious consequences for your loved ones and your assets.
- One of the best motivators for getting started is the knowledge of what could happen if you don’t.
- It’s important to review all of your plans after a change to your personal situation to ensure that they continue to meet your family’s goals.
While many of today’s affluent, multigenerational families understand the importance of having an integrated estate plan, it isn’t always easy to make time to draft and update one. A complete estate plan includes a will, trusts, and key legal documents such as powers of attorney for financial and healthcare matters, and requires some real advance thought on what you would like to have happen if life takes a surprising turn. Perhaps you are busy with your business, career, charitable endeavors, family, or travel. The decisions required can be complicated and—if you are in good health—it may be tempting to put them off. But you never know what life has in store for you,and procrastination can have serious consequences for your loved ones and your assets. One of the best motivators for getting started is knowing what could happen if you don’t. Let’s take a look at some hypothetical planning scenarios that illustrate the importance of acting now to protect your loved ones from the unexpected.
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