A friend of mine shared that her sister updates her will every time she takes a vacation or long road trip. Her rationale apparently is that she believes she is more likely to die in a traffic accident while out of town.
As an estate planning attorney, I am a big proponent of keeping your will and other estate planning documents up-to-date, but I think this might be a little excessive and frankly doesn’t make much sense. We have all heard the statistics, and honestly, the risk of dying while on vacation (okay, unless you’re participating in hazardous activities) is no greater than just staying in town. You can Google it and see that the average age at death is slightly younger during the holidays. Winter in some parts of the country brings higher risks: heart attacks while shoveling snow, falls on ice, and traffic pile-ups during snow storms, but the risk of dying is pretty stable across the year whether you are traveling or not.
So what’s my point? It’s simple … we don’t know when it will happen to us. Traffic deaths kill young and old. Tragedies of all kinds hit young and old. We all know this, but more than 50% of adults in the U.S. choose not to take the necessary steps to protect their hard-earned assets and loved ones.
I’ve previously written on the topic of why individuals procrastinate getting their affairs in order. Some say it will take too much time. Others say that it will cost too much. Some don’t want to bring it up to a spouse or partner, thinking it will be too traumatic for them. Still, others don’t want to think about their mortality.
I’d like to address each of their excuses:
TIME: It will require much less time than you think. Using my easy-to-complete questionnaires, we can often accomplish the standard estate planning process in two meetings: one to review your goals and directives and the second to sign the paperwork.
COST: Costs can vary depending on the scope, of course, but generally, the cost of not having a plan in place, not just in dollars but the emotional drain on the family, cannot even begin to compare. And that’s not even including the probate process you could have avoided had you had a plan in place.
SPOUSE / PARTNER CONCERNS: Of course, I can’t speak to your unique situation, but if we talk, maybe I can provide practical ways you can approach your loved one about the topic; I’ve worked with many couples and families over the years and have learned how to help ease some of the concerns.
YOUR MORTALITY: No one I know wants to think of their death. Who would? But I can tell you that the consequences of not preparing for it and ensuring you’ve protected your loved ones are considerably worse than ignoring it. A bonus – once you have put your affairs in order, you will experience a tremendous piece of mind that far outweighs your reluctance to deal with this. I promise you that.
So, unlike my friend’s sister, who, in my opinion, goes overboard in keeping her estate plan current, let’s talk about kick-starting your estate plan and how I can help you protect your loved ones. At the end of the day, it is really about them, isn’t it? Visit my website, www.davidlefton.com, or call me at 513- 399-7526.