This is an easy question to answer but a hard one for us to actually do. The answer is right now! Don’t delay, don’t procrastinate any longer, for the consequences if you do wait, may not be in your favor. I recently took a call from a frantic wife on her way to the hospital. She and her husband had met with me previously to start the process of creating a trust, but had not yet provided all the information required to complete their estate plan. Sadly, her husband was having a heart attack. He had asked his wife to call me because he was worried about her. Worried about what she would have to deal with if he did not survive.
I spent several hours over the next few days at the hospital, trying to do everything possible in that short span of time. I often remind people that life is full of unexpected events, the things that you do not plan for. The consequences of not planning ahead are too great and the impact on your spouse, children or your loved ones can be significant. When you plan, you can thoughtfully consider your options. How do you want your spouse to be cared for? What if either of you become incapacitated? Are your children or beneficiaries properly protected? Make the time now, plan ahead for the unexpected events, and ensure your loved ones are protected.
Contributed by MH Cave Creek, Phoenix and Flagstaff Estate Planning Attorney, B. West Hunsaker.
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This blog should be used for informational purposes only. It does not create an attorney-client relationship with any reader and should not be construed as legal advice. If you need legal advice, please contact an attorney in your community who can assess the specifics of your situation.