I am young, healthy, and in the prime of my life – why do I need an estate plan?

When I think of estate planning I am reminded of a phrase that was often used when I served in the Marine Corps, and while it is a bit crude it makes the point:  “piss poor planning makes for piss poor performance.”  This is what estate planning is about, that is to have a reliable and comprehensive plan to protect you and your loved ones in the event of sickness, accidents, or death.  The unfortunate reality is that personal tragedy could strike unexpectedly at any time, no matter your stage in life.  Thus, being prepared now is essential to protecting your family and financial assets in the future.

It is a common misconception that estate planning is only necessary for individuals who are entering the later stages of their life.  An estate plan is much more than a post mortem plan, it is equally important to plan for a medical emergency where you may be incapacitated and unable to make medical decisions or manage your affairs.  While a Will generally serves as your primary testamentary device upon your death, there can be many situations where you will need to provide direction to your loved ones of your wishes in the event you become incapacitated.  It is also essential that you are prepared to meet other responsibilities, like paying your bills, during an unexpected or accidental medical emergency.

The core of any estate plan is to carefully craft a Will, Health Care Proxy, and Power of Attorney.  However, beyond the basic estate plan there are many other techniques that may be appropriate in your situation, such as forming a Trust.  In addition, there are many contractual arrangements that you can make now that can be integrated into your estate plan.  If you own real estate, it may be appropriate to alter the type of ownership you hold in your property.  For parents it is vital to plan for alternate custodial arrangements and financial support for your children.  There is a lot to consider and consulting an attorney who can help you create a personally tailored plan is a prudent first step.

For a limited time Lambert Legal is offering $125.00 off Estate Planning services when you mention this blog, call 781-754-6822 to schedule an appointment.