Frequently Asked Questions about
Estate Planning, Wills, Trusts, and Probate

• I’m young, healthy, and not all that rich. Can’t I wait a while to plan my estate?

You shouldn’t wait.

Certain words – such as “death” and “disability” – can evoke a wide range of emotions. Some of these emotions aren’t particularly pleasant, and can discourage you from buckling down and getting started with your estate planning.

You and your attorney nonetheless should do your estate planning well before you think you need it. When accident or illness strikes suddenly, or when a family member dies, the emotional and physical strains can interfere with one’s ability to make important decisions. In addition, shock or grief sometimes can strain family relationships. A death in the family often terminates or changes relationships, especially if the deceased person served as the common link between other people. For example, a surviving spouse may have less frequent contact with a deceased spouse’s children from a prior marriage.

Emotional and physical strains at such times are natural and unavoidable. Some potential problems can be eliminated or made less severe, however, by planning ahead. Just by making a will or setting up a living trust, you spare your heirs the uncertainty and expense of administering an intestate estate – that is, the estate of a person who dies without a will.

And your estate plan's consideration of the potential financial impact of death and taxes likely will avoid hardships for your survivors, by insuring that your property goes where you want it to go – and, just as importantly, that it doesn’t go where you don’t want it to go.

Death is not the only event for which you should plan. Due to accident, illness, or old age, many people become incapacitated, either for brief periods or permanently, and cannot make their own decisions. If you become disabled, your family and friends will be emotionally distraught, and yet may need to make important decisions for you. They will be more confident and comfortable if you have left instructions and have selected specific people to make such decisions -- just as you would feel more comfortable if your spouse, or some other close family member, had made such plans and left such instructions for you. That's why we prepare powers of attorney, advance medical directives, and living trusts.

When planning your estate, you need to anticipate the emotional and financial needs of your family, your friends, and yourself. Very often, especially if you have substantial wealth and a “complicated” family, you will have to make some tough decisions.

And for most people, this just is not easy to do. In fact, it’s hard to do. Think back, however, to the last time you finally conquered a project you had been putting off for too long. Believe me, you’ll enjoy the same feeling of accomplishment once you’ve gotten your estate planning underway.

“While we are postponing, life speeds by.” –Seneca