The biggest reason that people become engaged in Estate Planning is the occurrence of a “mortality event”. This can be a serious injury or dramatic illness which they have suffered, or the injury, illness or death of someone close to them. These would include the death of a parent or the serious illness or death of a close friend. It is common for individuals who have been seriously injured, or have received a disappointing medical diagnosis, to “put their affairs in order”.
A second reason is a change in your family. By law, a divorce revokes all bequests to the former Spouse, but commonly a divorce causes people to re-think who they want as beneficiaries, and whether the creation of testamentary trusts would be efficacious. The birth of a child or a grandchild can cause people to engage in Estate Planning. Often, people are concerned about appointing a guardian to raise minor children, or creating a trust to protect minor beneficiaries from being taken advantage of, or squandering assets.
A third reason that people engage in Estate Planning is travel; particularly travel overseas. While most people travel to reasonably safe places, with the upsurge in terrorist activities in the past several years, people are concerned that if something happens to them while away from home, they want to make sure they have left instructions as to how matters should be handled.
Estate planning is NOT about DEATH. It is about taking CONTROL. It is about making sure your wishes are known so that they can be carried out at a time when you cannot act for yourself. Contact us today to take control by establishing an Estate Plan.
