When Planning Your Estate An Imperfect Plan is Better Than No Plan

There are many unknowns when planning an estate, but you can’t let the uncertainties of life get in the way of delaying or creating any kind of estate plan. Having an imperfect plan is usually preferable to having no plan at all.
When planning an estate you want to be able to consider all the angles, but there are inevitably a number of “known unknowns” that can make planning difficult. These include:
• How long you will live;
• How much money you will have left over, which can depend on longevity and potential need for care;
• Your children’s health and needs; and
• Your children’s financial stability, now and perhaps many decades into the future.
There are also value judgments to make. Should you treat all children equally, or should their individual financial situations be taken into account? In any family, some siblings can be wildly successful financially, while others struggle. Some children may have supported you in your old age and others totally ignored you. (A word to the wise: Unless you have had a discussion with your children, treat them equally in your estate plan. You can provide differential support during your life, but unequal distributions at death can create great heartache if they come as a surprise.) Should you create trusts that protect assets for your children and grandchildren, or simply provide that the funds be distributed outright at your death for them to use as they choose? Whom should you appoint in various roles in the event of your incapacity – as agent(s) under your Durable Power of Attorney for Finances, as agent(s) in your Advance Health Care Directive to make medical decisions for you, as trustees of your Revocable Trust, as executor(s) of your Last Will? Whom should you name as guardian(s) for any minor children?
It is also important to know that you are free to update and change your estate planning documents as your circumstances might change. It is generally a good idea to completely review your existing estate planning documents every 3 to 5 years to make sure they state your current wishes. An experienced estate planning attorney can help guide you through your particular situation and assist you in making these decisions.
For more information please contact the Law Office of Sean D. Ethington at (661)295-4604 or visit our website at www.ElderLawSite.com.