#EndOfLife #EstatePlanning #death #PlanningForDeath
We’re all going to die.
Perhaps not right this minute, perhaps not soon, but eventually, we are all going to die.
Planning for your death may seem morbid to you, but it is necessary.
Of course, you can delay or defer, or not plan at all and leave everything to chance – and your heirs.
Only 42 percent of Americans have a will or other estate planning documents, according to a 2017 Caring.com study. Tamara E. Holmes quotes that study in an article she wrote on the subject for USA Today. The article was also published April 1, 2019, in The Atlanta Journal-Constitution.
Another stat from the study: Among parents of children younger than 18, only 36 percent have created a will, the article says.
Sure, it’s one of those things we put off, perhaps because of the expense of hiring a lawyer who specializes in estate planning and elder law. The article says there are Web sites, such as LegalZoom and Rocket Lawyer who can walk you through the process if you want to do i8t yourself.
But, if your estate is complicated, it’s well worth it to get expert advice firsthand. It’s even better to have the expert put together a plan for you, incorporating your wishes.
Not only should you plan for your death, you should also plan for your disability, should it occur. If you are no longer competent to make your own decisions, you can actually make many of them in advance as part of your plan.
Your plan can even list your likes and dislikes when it comes to food, what you like or don’t like to read etc.
There are certain considerations, depending on your situation, that should be part of your end-of-life plan. For example, if you have a family business and you want it to stay in the family when you die, or can’t run it anymore, you can plan so that your family doesn’t have to liquidate the business to pay taxes.
If you have no heirs – or at least no heirs to whom you would care to leave your money – you can plan for which charities or other organizations or people would get your money.
If you have heirs that you care about, you certainly want to make life as easy for them as possible upon your death. With your wishes spelled out in writing, they simply follow the plan, or call your estate lawyer to execute the plan.
Certainly, if you have young children, you have to plan for their care until they become adults.
The point is: you probably won’t know when you’re going to die. So, plan early and update that plan as your life changes.
Speaking of life changes, do you think it would be a nice problem to have enough money to make end-of-life decisions about? If you don’t see a way that is going to happen with what you are doing now, then perhaps it’s time to check out one of the many ways you can augment your net worth by devoting a few, part-time, non-job hours a week to something, perhaps, you may never have thought of doing. To check out one of the best such vehicles, message me.
Meanwhile, leave as little to chance as possible in your life. Give a lot of thought about what you want to happen after you die. Think about those who will be most affected emotionally, financially etc., by your death.
Celebrate life, but know it will not last forever. Be prepared for your death, disability etc. Don’t make others wonder what you would have wanted. Make your wishes known, in writing. It’s well worth whatever it will cost you.
Peter