No one lives forever

Sadly, as  reported  in the Los Angeles Times, the new year started with the loss of a Redwood of the music industry – Phil Everly of the Everly Brothers.  Rock legends and a name like Everly – can hoodwink the mind into thinking of eternal life – but we do not live as long as hearty trees and Ponce De Leon came up empty handed.  Even Keith Richards has to plan for his estate.

Excuses, excuses, excuses

Although everyone intuitively knows that some day in the future his or her life will come to an end – the reality is that most people do not like to think about ‘the end’.  Thus, even though  all should have estate plans  – many people do not adequately prepare for death and skip this important planning step in life.

There are several reasons – really, just excuses – that people may give as to why they have not yet created an end-of-life plan.  Some of the  reasons for not making an estate plan  include:

·      Not needed – Many individuals are misguided by the belief that because their estate is small – and does not face major tax issues – there is no need for an estate plan.  This could not be further from the truth.  At a minimum, everyone should have a will and an advance health care directive.

·      Procrastination – It is not worth putting off the inevitable – especially, if an unexpected death arises.

·      Too expensive – In general, the complexity – or lack thereof – of one’s estate will dictate the cost associated with preparing an estate plan.  Regardless of the price, the money is worth it – mainly because your heirs will know your desires and this also allows your beneficiaries to avoid a costly situation without an estate plan.

·      Time consuming – Again, depending on the complexity of one’s estate – the time involved in the creation of an estate plan will vary.  The time invested in an estate plan today will prevent any potentially lengthy probate periods for your heirs.

·      Do not want to discuss familial issues – Estate planning attorneys often deal with sensitive family dynamics and are able to accommodate clients’ needs and desires.

These are just some excuses as to why individuals put off the creation of an estate plan.  Instead of making excuses – it is important to focus on your loved ones and other beneficiaries so that there are no questions involved in what your final wishes are.

Once you create your estate plan – it is very important to update it periodically – especially if any major life changes (e.g., marriage, new child, death of spouse, etc.) occurred.

California Estate Planning

The  Law Office of Mark Abell  is experienced in all estate planning aspects.  We create and customize your estate plan to suit your needs.   We are also able to assist you in updating your existing estate plan.  If you want to discuss or have questions regarding your personal estate plan, contact  California estate planning attorney , Mark Abell, today at 310-489-0707 or  mark@trustabell.com.

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