Have you ever said or overheard someone else say I do not need a Will, Power of Attorney or Advance Care Directive? By not engaging in estate planning you are allowing laws enacted by the legislature to make your decisions.
Because “the talk” involves not one but two things we’re often uncomfortable discussing – money and death – many of us put it off or never have it at all, and that’s a mistake. Making your expectations clear can help your heirs to avert a good deal of discord, or even litigation, after you’re gone.
It does not matter how much forethought you put into distributing your assets, or how expensive it was to draft your will or trust if the people bound by these documents do not know what they contain, or potentially that they even exist.
Estate planning is all about five essential documents. Documents drafted 30, 20, or even 10 years ago may need updating. Major life events such as marriage, the birth of children, or starting a new business, all have serious estate planning considerations.