Do I really need to plan my estate?

Whether you’re an “invincible” healthy young woman in her mid 20s, or a 50-something entrepreneur on your third big venture, you probably don’t relish the thought of taking time out of your busy life to contemplate what will happen to you when you become unwell, or worse, you die. This is normal-it’s human nature to want to avoid these kinds of conversations. That being said, since you’re reading this blog article you already understand to a degree that you need such plans in place. But you may not fully appreciate the mission.

Here’s a perspective you might not have considered. The late General (and President) Dwight D. Eisenhower once offered the following Yoda-like observation, “Plans are useless, but planning is indispensable.” What Eisenhower meant by that strange statement is that the plans you make today-before you go to battle or get sick-will change as circumstances change. You can never figure out what an enemy will do in a war or how new tax laws will evolve or how the stock market will flow. However, the act of planning in and of itself organizes you to meet the surprises of the future with more nimbleness.

Holly had a solid estate plan that reflected her priorities. She got sick with leukemia and had to spend months in the hospital. But she managed her business and finances because she had done the spadework when she was well. The farm analogy rings true. You sew the field in good weather so you can reap the harvest and eat in bad weather. 

Preparation helps your family. Charley suddenly died in a car accident, leaving his two small children and spouse faced with possible bills, creditors and tax headaches. But because he did his due diligence, obtained the right insurance and established trusts, Charley shielded his loved ones from creditors, helped his estate bypass problematic taxation, and gave his wife money (through insurance) to raise the family.

Knowing that your plans are solid lets you be more carefree and spontaneous. Form follows function. It’s a lot easier (and less scary) to cross a bridge across a chasm when there’s a sturdy railing. 

If you have questions about estate planning and how best to protect your loved ones, call an estate planning attorney, like an Estate Planning Lawyer Belgrade, MT, today.

 

Thank you to the experts at Silverman Law Office, PLLC, for their insight and expertise in estate planning.

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