People are often advised to have estate plans, but they may resist creating one for a number of reasons. Experts have observed a few truisms about estate planning that may help reluctant individuals start thinking about how they would like to plan to pass their assets on to loved ones.
One is that it is normal for estate planning to stir a variety of emotions. People may be prompted to do estate planning by family members, or they might approach it of their own accord. Some people report that family communication improved and they felt a sense of satisfaction on completing the process. People should keep in mind that as difficult as their own is to conceptualize, it happens to everyone, and failing to make an estate plan simply means that their loved ones will have more to cope with when that time comes.
As a result, one way to approach estate planning is keeping in mind it is something done for the living. The death of a loved one can throw a family into chaos. Having practical measures in place to deal with finances, the burial and other parts of the estate can remove a lot of stress from family members. Communication is key, and it is best to keep loved ones informed about the specifics of the plan so that there are no unpleasant surprises ahead for them.
Another thing people should keep in mind about an estate plan is that it can always be changed. In fact, an individual should review their estate plan every three to five years or after any major family changes such as births, deaths, divorces and marriages.
If you or someone you know does not have an estate plan, the Broward estate planning attorneys of Colodny Fass, P.A. may be able to help. One advantage of an attorney for estate planning is that a person can be confident that the documents are prepared correctly and thus are less vulnerable to legal challenges. An attorney may also be able to guide a client toward solutions that might not be readily apparent. For example, some people may think of trusts as something used only by the wealthy, but trusts are flexible vehicles that can be useful for people in many different situations and at different income levels.