Robert Lambert, Valdosta Today Legal Contributor
The conversation isn’t fast or fun. But, waiting until it is too late or not keeping an up-to-date estate plan will likely cause more pain later.
No one wants to think about that inevitable day, whether it’s when you or someone you love will pass away. Even in the best of circumstances, emotions like fear and sadness can seem overwhelming.
This, in turn, then causes people to put off estate planning, often until it is too late.
Forbes recently published an interesting article titled “Don’t Let Emotions Sabotage Your Estate Plan.” The main gist of the article is that people often get emotional about issues surrounding death and end of life planning.
As the title of the article counsels this response is best avoided.
It is necessary to set aside any emotions or unease surrounding death so that you can adequately plan for your estate. As the article suggests, it often takes six months to two years to formulate a complete estate plan, depending on the size of the anticipated estate.
Accordingly, if you have a large estate, you cannot wait until you are near death to make plans.
Another piece of solid advice in the article is that you should revisit your estate plan every three years.
That does not mean that you have to go through the entire process again. It just means that you should sit down with your estate planning attorney and go over everything.
Make sure that no laws have changed that might affect your estate. Make sure that beneficiaries, trustees and executors are still appropriate.
In other words, every three years you should make sure that the estate plan still does what you want it to do. Doing that periodically will possibly save a lot of trouble for your estate.
For those of you who have attended one of my complimentary seminars know that I always point out certain myths in one’s thinking about estate planning. One of those myths is that many people think that having an estate plan is a destination, where nothing more ever again needs to be done, when in fact estate planning is a journey with the need to constantly change course. Why not contact me today to see if you are still on track or need to adjust course?
Please call me today at 229-292-8989 to schedule an appointment. Visit my website at www.legaladviceforseniors.com to subscribe and follow my daily blogs on estate planning and elder law issues. If you are involved with a civic organization or church, and would like me to present a free seminar on these issues, please give me a call.
Reference: Forbes (May 15, 2015) “Don’t Let Emotions Sabotage Your Estate Plan.”
Bob Lambert is an Elder Law and Estate Planning Attorney who has practiced law in Valdosta for 25 years. His practice is focused mostly toward those Seniors who are 50 years of age and older where there is a need for advanced long term care planning. He utilizes a holistic approach which brings financial planners, home health care, assisted living and nursing home professionals and other experts together for comprehensive life care planning with the goal Medicaid eligibility when needed, asset protection and reallocation combined with traditional estate planning wealth transfer strategies.
An Alabama native raised in Texas, he received his B.A. degree from the University of Texas at Austin with a degree in Government and English, and his Juris Doctorate degree from the University of Mississippi where he graduated 4th in his class. He is a member of both the Georgia Bar and the Texas Bar; a member of the Elder law section of the State Bar of Georgia; and a member of the National Academy of Elder Law Attorneys including the Trust and Medicaid planning sections.
He regularly and eagerly provides complimentary seminars to civic groups, churches and other organizations on long term care planning and Medicaid eligibility. His primary focus is to help all seniors 50 years of age and older understand the necessity and importance, and implement , advance planning to preserve assets for enhanced quality of life in advanced age. More information can be found at his website where you subscribe to his weekly blogs on Elder law and estate planning issues at www.legaladviceforseniors.com.
