Honestly, let’s clarify that we understand estate planning is a slightly dry topic. However, we try to make it fun because, as unexciting as it may be, that doesn’t make it any less important. The most challenging aspect of estate planning (at least in terms of how people view it) is accepting that it isn’t only for the rich and famous. Nothing could be further from the truth. When in doubt, just assume that estate planning is for everyone and anyone can benefit from it.
Every single human being should have a plan. This concept may be tough to grasp because many people incorrectly connect estate planning with things like horses, private jets, and trust funds for children who attend elite private schools. Essential estate planning documents such as powers of attorney and wills deal with who will step into your shoes if you are incapacitated as much as they center around where your assets go.
Look at the Tea Set
Why do we keep stressing that estate planning is important? If you need an answer, look no further than the tea set. As an attorney, I have seen four siblings arguing over a tea set that belonged to their parents. You may hear something like that and assume that if it means enough to you, then you are willing to fight it out in court. Most people drastically underestimate how much litigation costs. These siblings are spending hundreds of thousands of dollars, and many of these battles are not about money. In this case, it can be over something that is sentimental.
The saddest part is that this is something that could have been avoided. Again, these are siblings and family members fighting with one another. Estate planning should be about doing things for the people you leave behind. Although the tea set is a relatively benign asset, it is causing significant damage.
Look At Me
If you still think estate planning is about assets, look at me. I am single, never married, don’t own property, and lease my car. And I still need an estate plan! Have you ever been to Chicago and seen how people drive around? With that in mind, let’s imagine I get run over by a car tomorrow.
- Who is going to attend to all my clients?
- Who is going to run my firm?
Countless things are in my name that my loved ones will have no access to when I am gone. If I am run over by the car and end up in the hospital, who will make medical decisions on my behalf? Furthermore, what are my medical wishes? If my family starts fighting over the treatment I should receive, it will have to go to court. Different people will be stepping forward to become my guardian. There are so many real-life examples of this. For instance, Anna Nicole Smith is estate planning gone wrong. It doesn’t have to be this way.
Start Your Estate Plan
No matter where you are with your estate planning, we will meet you there. Whether you are young, just starting a family, or about to retire, we will craft the plan that fits your needs. Contact Jayaraman Law to schedule your consultation today.
Jayaraman Law
