I have met with a number of clients over the past few months who are going through “nightmare” situations with the administration of a family member’s or close friend’s estate. Every last one of them have said it could have been avoided with proper planning – which is true!
Not only are they experiencing the financial strains associated with a probate or other dispute, they are also experiencing great emotional strain. They are also subject to all of this stress and difficulty because their loved one simply “couldn’t be bothered” to put a plan in place.
We hear a thousand and one excuses for not creating an estate plan. These excuses are usually, “It is too expensive”, “I don’t have the time”, “I don’t have anything to plan for” or “the government can take it all!” While you may not feel that creating a trust is worthwhile, your loved ones will be the ones dealing with the mess left behind because you did not have a plan in place. They will come to understand the value of an estate plan the hard way – through understanding first-hand how much difficulty is left behind without one.
It is important to have a plan in place so that the right people are able to make the right decisions at the right time. To be able to do those things as easily and seamlessly as possible is worth the few dollars and little bit of time it takes to create a trust.
Please don’t leave a nightmare for your loved ones. If you think it won’t happen to you, you are simply setting yourself up for trouble. Put your estate plan in place now instead of waiting for the proverbial tomorrow that may never come.
As Ben Franklin once said, “An ounce of prevention is worth a pound of cure.”
Contributed by MH Albuquerque, Santa Fe and Las Cruces Estate Planning Attorney James P. Plitz
About Morris Hall:
At Morris Hall, we have focused our legal practice on estate planning for over 40 years. Along with estate planning, our attorneys help clients and their families with matters of probate, trust administration, wills, power of attorneys, business planning, succession planning, legacy planning, charitable gifting and other important legal aspects. We also have divisions in financial, real estate and accounting to help you incorporate all of your planning together, ensuring that everything works perfectly for your needs and situation. Our Arizona offices are located in Phoenix, Mesa, Scottsdale, Cave Creek, Tucson, Prescott, Flagstaff and Arrowhead. Our New Mexico offices are located in Albuquerque, Las Cruces and Santa Fe. Contact us today at 888.222.1328 to schedule an appointment!
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.
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