The most basic reason to plan your estate is to make sure that your plan accomplishes your goals. The truth is you already have an estate plan. If you didn’t create your estate plan yourself it is made up of several different statutes, rules and contract provisions that you may not know or understand. Your plan may also be out of date. We regularly see wills that were drafted before adult children were born.
As you get further into this process you will see that there are many other reasons that you may want to carefully design what happens upon your death or disability. Many of our clients have never considered the possibility that their lives may not go as expected. Simply put, an estate plan gives you peace of mind.
You may be thinking that you already have peace of mind. But there is a difference between knowing that you and your family are protected if something goes wrong and avoiding the thought of what might go wrong. Your estate plan should reflect your tolerance for risk rather than your failure to understand the risks you face.
When your plans are carefully thought out and documented, your goals are more likely to be accomplished.