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Prior Planning Prevents Poor Performance: That Goes for Estate Planning too!

Published June 23, 2017 by Brady Cobin Law Group, PLLC

How do you want to be remembered by your family? One way to be remembered in a positive light is to take the time to plan out how you want your assets and possessions to be distributed. You may only need a will, or you might need estate tax strategies or succession planning for a family-owned business.

The calendar, as well as the weather, says that summer is finally here! Outdoor plans with friends and family are taking shape for the summer, but don’t forget to include some serious work for the future this summer, as recommended by an article in the Middletown, NY Times Herald-Record, “After Memorial Day, think about your estate plan.” Consider these “what if” scenarios:

  • What if you die unexpectedly?
  • How will he be remembered?
  • Will she be memorialized by her family?
  • What about future generations?
  • Will they know the legacy of their grandparents?

Many folks, regrettably, do little or nothing about their estate plan. We can group these individuals’ excuses into three common reasons called “Three Ps:” Procrastination, Pitfalls and Paralysis.

Procrastination

This is the practice of delaying until tomorrow what needs to be done today. This is especially common when we’re talking about thinking about and planning for your own death. It’s easier to say to yourself, “There’ll be plenty of time to do it later.”

Pitfalls

These are the issues and obstacles that keep you from moving ahead. This includes thinking that estate planning is just for the very wealthy and that the main reason for creating an estate plan is to reduce your estate taxes. This is not true. Estate planning provides an organized transfer of your assets to your loved ones and heirs.

Paralysis

This happens when we’re confused. We don’t even try to figure out what needs to be done. For example, young couples can’t decide who to name as the guardian for their children, if they were to die. Therefore, they do nothing. Nothing is the wrong option in estate planning, especially when it involves the future of your children.

An experienced estate planning attorney can help you overcome these three obstacles to doing an estate plan. Once that’s done, you can enjoy the summer with the peace of mind of knowing that you’ve taken care of those you love and have planned for the future.

Reference: (Middletown, NY) Times Herald-Record (May 27, 2017) “After Memorial Day, think about your estate plan.”

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