With the change of seasons after Memorial Day, it’s the unofficial day that kicks off the beginning of summer. We all like to spend time outdoors, but a recent article from the Middletown, NY Times Herald-Record, “After Memorial Day, think about your estate plan,” says it’s important to think about these “what if” scenarios:
What if you die unexpectedly?
How will he be remembered?
Will she be memorialized by her family?
What about future generations?
Will they know the legacy of their grandparents?
Many folks, regrettably, do little or nothing about their estate plan. We can group these individuals’ excuses into three common reasons called “Three Ps:” Procrastination, Pitfalls and Paralysis.
That’s the practice of delaying until tomorrow what needs to be done today. This is especially common when we’re talking about thinking about and planning for your own death. It’s easier to say to yourself, “There’ll be plenty of time to do it later.”
These are the issues and obstacles that keep you from moving ahead. This includes thinking that estate planning is just for the very wealthy and that the main reason for creating an estate plan is to reduce your estate taxes. This is not true. Estate planning provides an organized transfer of your assets to your loved ones and heirs.
This happens when we’re confused. We don’t even try to figure out what needs to be done. For example, young couples can’t decide who to name as the guardian for their children, if they were to die. Therefore, they do nothing. Nothing is the wrong option in estate planning, especially when it involves the future of your children.
Did you see yourself in any of the Three P’s? If you do, contact an experienced estate planning attorney to discuss your situation.
Reference: (Middletown, NY) Times Herald-Record (May 27, 2017) “After Memorial Day, think about your estate plan”