From GRC’s Spring 2019 Newsletter
If you are reading this the odds are pretty good you have addressed your estate planning. Many (most?) never undertake even basic estate planning. The reasons are myriad: you just never thought about it, fear of going to see a lawyer and looking like you don’t understand something, not wanting to spend the money….
Many people also fail to create an estate plan because they have “big” decisions they are unable to resolve such as who would serve as guardian for minor children and who should receive various assets. If this is you or someone you care about, please remember that an imperfect solution is always better than no solution.
Once you have created an estate plan it is important to review it periodically to ensure it continues to meet your needs. What is the right answer at one stage of life may not still be the right answer at a later stage. Tax laws change, and so do the needs of a family.
The emotional and financial costs of fixing problems when someone has failed to plan greatly exceed any such costs addressing issues up front in an estate plan. It is hard to overstate the favor you do for those that care about you by creating and keeping updated, an estate plan suited to your situation. For the person undertaking the planning the benefit is greater-peace of mind.