The Time is Now: Create an Estate Plan Today
By Kent Phelps, J.D.
Your to-do list: Eat right. Get your exercise. Develop an estate plan.
That’s right, an estate plan. While not as enjoyable as a catch-up meal with a friend, or as invigorating as a morning walk, an estate plan needs just as much attention, if not more. In fact, without one, your assets could end up in legal limbo for a long, long time, placing your loved ones with the task of sorting out your final wishes. And that’s just the proverbial tip of the iceberg. The critical importance of establishing an estate plan is often overwhelming, misunderstood, neglected or simply left for someone else to deal with in your absence. Estate planning doesn’t mean the exercise is only for people with great wealth, those with an estate of grand proportions. If you have assets, you have an estate that calls for your attention before it becomes someone else’s nightmare. An estate plan is your roadmap to how your assets should be distributed and when. It ensures your wishes are recognized and carried out. Below are some areas to consider as you make your own plans.