The topic of estate planning is by its very nature a rather staid one, but at the risk of breaking up the somber tone let’s be blunt for a moment: we are all going to die. Nobody likes to talk about death here in the Western Hemisphere, and of course it is something that you most definitely want to put off as long as you possibly can. However, planning for the inevitability of death and actually dying are two different things. By all means, postpone your funeral indefinitely, but don’t procrastinate when it comes to estate planning.
There are a number of reasons why some people do not have a currently appropriate estate plan in place, and one of them is that they don’t feel as though it is time yet. This can be because they feel that they have quite a few years ahead of them and it is simply not necessary because death is not imminent. Others may recognize the need to plan for any eventuality but put it off as they wait for their financial situations to come into clearer focus.
These viewpoints are understandable, but shortsighted all the same. None of us has a crystal ball and we never know how long we will live. And yes, your financial situation can change, but so can your estate plan. In fact, when you plan your estate you should do so with the knowledge that you may very well have to make adjustments in the future.
When you know that you do not have a plan in place that is sufficient to guide your loved ones in the event of your incapacitation or death, you are doing them a disservice. Preparing for inevitable realities that go along with aging is one of the responsibilities that we all have to our families, and people are living longer these days, a proper estate plan is more important than ever. Recognize the fact that estate planning is a necessity and act accordingly with the best interests of your family at heart.