Are you a person that heads to the casino and puts $1,000 on “Red”? Are you a person that likes to jump out of airplanes to feel the wind rushing past you? Are you a person that checks and double checks whether the iron was turned off before leaving the house? Are you a person that drives the speed limit, keeping your hands on the wheel at “10” and “2”?
Regardless of the type of person you are and your personal affinity (or lack of) for risk, we all work to limit the risks we face in everyday life.
In my examples, though the last two seem more risk averse, if we look a little deeper, we will see that the biggest thrill seekers still manage and limit the overall risk. The person heading to the casino knows that even if there is a bigger loss, it will not bankrupt him (there may need to be changes in the spending habits to recoup the loss, but it would not be a “fatal” bet). And the free faller; she would have gone through all the safety steps to ensure her parachute was packed properly, and she would be wearing safety equipment, such as a helmet. Even thrill seekers limit life’s risk.
But it seems most Americans, regardless of their tolerance of risk, leave a large risk open. You see, most Americans do not have any estate plan, even though there is a 100% chance that we will ultimately die. With no plan we are leaving to chance, leaving the risk that our loved ones will have to struggle through the trials and tribulations (and expense) of handling our estate.
And that is not all. Without a proper plan, we are risking even more if we were to become incapacitated. If we are unable to make health or financial decisions for ourselves, we are vulnerable to the whims of the court system or a predatory “helper”.
All this risk can be mitigated or avoided completely, simply by having a proper estate plan put in place. I invite you in to speak to one of our attorneys to be able to help formulate a plan that takes some of life’s risks out of your life.
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.