I don’t think anyone would argue that our world, here and abroad, feels chaotic. The news and social media can be overwhelming sometimes. There are tips all over the internet about how to regain a sense of balance and control, from simple breathing exercises to helping others to make you feel more empowered. One thing you probably won’t see is getting your estate plan in order, whether that means updating it or starting from scratch. But, from my perspective, taking action to “get your affairs in order” can provide a significant peace of mind for you and your loved ones.
About 50% of adults in the U.S. don’t have wills. Most individuals know they should have a will (and other legal documents to protect them, their assets, and loved ones) but have neglected to take that step for many reasons. I won’t try to identify all those reasons; the result is the same … if you die without a will, which is called dying intestate, you will likely leave a mess for your loved ones to deal with. Not the least of which is going through probate. Spending time and perhaps money and often delaying the distribution of your assets.
Right now, it may feel that, as individuals, we have little control over anything. Each day brings new and often not-good news. It can lead to a feeling of helplessness. But in addition to all the hints and tips from experts on how to not let it get you down, you might find enormous peace of mind and a greater sense of control by taking the simple step of getting your affairs in order. Knowing that you have done everything possible to ensure your loved ones receive their inheritance as you wished is hugely satisfying. There will be no confusion over who gets what, no family feuds, and ideally, your loved ones will be eternally grateful to you for planning ahead. In fact, your estate plan will not just include your will but other critical legal documents that also help give you a sense that you are in control. For example, by having a living will, you can make sure if you are in a medical situation where there is no hope for recovery, you can stipulate you don’t want artificial life-support (which can quickly drain the money you want to go to your loved ones.) It will be YOUR decision. If you don’t have this document, the situation can be difficult for your loved ones; they might not know what you want. Why put them through those tough decisions?
Your estate plan can also include a Power of Attorney to ensure that if you are incapacitated for an extended period, the trusted individual you appointed can ensure bills like mortgage payments are paid in a timely fashion.
Medical directives can also be included in your estate plan to ensure that if you cannot speak for yourself in a medical emergency, a trusted individual you appointed will be given the authority to speak for you. Without that, medical providers may or may not be able to proceed.
An estate plan and all its elements provide control and peace of mind. Control over your assets, how they are distributed, and end-of-life decisions that ONLY you should make.
Yes, the world might feel topsy-turvy right now, but you can take personal control by updating or creating your estate plan. I’d be honored to help. Call me at 513-399-7526 or visit my website, www.davidlefton.com, for more information.