Each year many of us make resolutions that we intend to make good on once the holiday season has come and gone. This year we would like to urge everyone to consider the importance of estate planning.
The statisticians tell us that the majority of people are going through life without a solidly constructed estate plan. If you are among them you are quite frankly doing your family a disservice.
We never can predict the future, and even if you are a relatively young adult you should execute the appropriate estate planning documents with the well-being of your loved ones in mind.
Sufficient resources must be available to ensure the ongoing well-being of your family in the event of your passing. The selection of a guardian should be in place to protect your children should both parents pass away together in an accident.
It is also important to prepare for the possibility of incapacity via the execution of a living will and a durable power of attorney.
To be comprehensively prepared you would also do well to consider retirement planning as a precursor to the eventual transfer of your financial assets to your heirs after you pass away.
Those who enjoy a comfortable retirement with the ability to leave behind a lasting legacy are generally people who took long-term financial planning seriously. On the other hand, those who are struggling during their senior years are generally going to be individuals who lived in the moment without taking any steps to prepare for the future.
The Augulis Law Firm is a member of the American Academy of Estate Planning Attorneys.