Procrastination is a like a warm blanket draped over you: once you have it, you just don’t want to move or do anything else. You just want to lie there in your comfort. As great as that would be, your life is still going on while you’re covered by that blanket. You need to plan for what is happening now — and what will happen in the future.
For this reason alone, everyone needs to get started on their estate plan. There is no such thing as starting to plan too early (okay, fine, we’ll give newborn babies a pass on the estate plan). Having an estate plan and frequently updating that plan is critical not only to you, but to your loved ones. The estate plan protects your assets and wealth while also dictating how those things are handled upon death or incapacitation — and that security is crucial for your beneficiaries and loved ones too.
Even before those two unfortunate events happen, your estate plan is an important part of your life. Did you get married? Then you need to update your beneficiaries in your estate plan? Did you get divorced? Well, it may be time to take someone out of your will. Did you acquire a significant asset; or did you move to a new state; or is there a baby in the picture? Then your estate plan will need to be updated to reflect these life events.
Creating or updating an estate plan can be tough, and that’s why it is best for those who are dealing with their estate plan to talk with an experienced and knowledgeable attorney. Having that counsel will help you craft your estate plan in a compliant and legal way.