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An executed estate plan is vital for most adults. Estate plans are a collection of legal documents that provide instructions for what should be done if an individual dies or becomes incapacitated. Without an estate plan, one loses all control over the situation. Instead the court will make the decisions and they may not be the same as what the individual would have chosen.<\/p>\n\n\n\n

Easy To Delay Estate Planning<\/h2>\n\n\n\n

For younger people death seems far off and other matters feel more urgent. Plus, lawyers cost money and creating legal documents may not seem like a priority right now. It can be tempting to procrastinate.<\/p>\n\n\n\n

Single individuals without children often view an estate plan as unnecessary because they do not have dependents. Read my prior blog post to delve into why Estate Plans are a Vital Element of Financial Management for Singles<\/a>.<\/p>\n\n\n\n

I get it. Personally, I did not have an estate plan until I got married and we had shared assets \u2013 and that is as someone who works with this stuff daily. And if you have to decide between paying your bills and paying for an estate plan, then clearly there is no contest. But, for those with some disposable income, an estate plan should be a high priority<\/strong>.<\/p>\n\n\n\n

Not Just For Rich People<\/h2>\n\n\n\n

The phrase estate plan <\/em>itself can be off-putting. Not many of us think of ourselves as having an \u201cestate.\u201d Estate planning sounds like something for old, rich people to worry about. But, the terminology is misleading.<\/p>\n\n\n\n

An estate plan covers more than who inherits your money.<\/strong> It addresses guardianship of children, end of life wishes, and the management of your health and finances if you are unable to manage them yourself. See this helpful essay on the key aspects of an estate plan<\/a>.<\/p>\n\n\n\n

Uncomfortable To Contemplate<\/h2>\n\n\n\n

Nobody wants to think about their own death. Creating an estate plan requires making some very difficult decisions: Who will care for your minor children? How will your assets be divided? It is natural not to want to consider these circumstances.<\/p>\n\n\n\n

Ultimately, however, no reason for procrastination negates the fact that incapacitation and death can happen suddenly and unexpectedly. You are doing a disservice to your loved ones<\/strong> if you don\u2019t make arrangements for the possibility. The process will be more difficult and drawn out without a plan in place. Your loved ones will be dealing with your affairs and making decisions during a time of grief or turmoil.<\/p>\n\n\n\n

Estate Plan As A Work In Progress<\/h2>\n\n\n\n

One mindset shift that may help is realizing an estate plan is not one and done<\/strong>. I have seen many people delay crafting a plan because they cannot decide on the best executor or the exact percentages of inheritance. Recognizing that these decisions can \u2013 and likely will- change over time may help folks resist delay due perfectionist tendencies. <\/p>\n\n\n\n

Do you find yourself procrastinating? Asking yourself, “am I positive this is what I want?” can result in endless delays. Instead, try asking “is this a better option than tragedy striking with no estate plan in effect?” You will likely find it worth moving forward with a good enough<\/em> plan.<\/p>\n\n\n\n

You should be making updates to the plan whenever you have a major life event (birth, death, move between states, etc.). Even if there are no personal changes you will need to review your plan occasionally because laws change<\/strong>. It is important to make sure that your plan is still working in the way it is intended.<\/p>\n\n\n\n

Estate Laws Are Country And State Specific<\/h2>\n\n\n\n

This blog post is directed towards those who are citizens of and living in the United States. Clearly, each country has its own laws and regulations. If you are not in the US, I encourage you to explore the laws of your country of citizenship and\/or residence. Additionally, estate laws are specific to individual states.<\/p>\n\n\n\n

Necessary Documents<\/h2>\n\n\n\n

Generally speaking, the documents each person should have are as follows:<\/p>\n\n\n\n