Whatever an adult’s age, financial situation, physical health, profession and other characteristics, estate planning can help them with addressing important issues regarding the future.
Despite the very helpful role it can play, estate planning remains something that many people here in the U.S. put off.
There are many different things that could lead to a person procrastinating when it comes to estate planning. There are also a variety of things that can drive a person out of such procrastination. Sometimes, a person who had been putting off estate planning will change their mind as a result of a major personal event. Also, sometimes, major news events lead people to decide to stop procrastinating when it comes to getting an estate plan.
One recent big news event out of the music world was the death of the world-famous musician Prince. He died on April 21. Following his death, news came out that he did not have a known will.
It appears that this news may perhaps have led to more people forming an estate plan. According to a recent Reuters article, there are several pieces of data indicating an increase in estate planning activity following Prince’s death.
While it is always encouraging to see more people getting their estate plan in order, it is important to remember that one doesn’t have to wait for a big news or personal event to get an estate plan. Given the impactful role having an estate plan can have, putting off getting such a plan in place is something it can be critical to avoid.
In addition to having an estate plan, another thing that is crucial is having the right estate plan for one’s goals. Estate plans can involve a range of different mechanisms and details. Errors related to such mechanisms and details could have many negative effects, including the estate plan not doing what the person intended it to do and future legal proceedings related to their death being more costly, complicated and potentially contentious for their family than they intended. This is why, when it comes to estate planning, doing it with the guidance of a skilled estate planning attorney can be key.
Source: Reuters, “Dearly beloved: Prince's death prompts uptick in wills,” Beth Pinsker, May 19, 2016