Imagine waking up to find your life in absolute disarray. Whether it is due to the loss of a loved one, family member, business partner, or a major event in someone’s life or business, clients have repeatedly told me that this is what it feels like to face a life changing situation. Often times, the legal side of life falls the to the wayside, because we are all too busy in life to deal with the details of life. The unfortunate part of not dealing with the details of life, is that we place an undue burden on those that we leave behind or a sudden stressor on our businesses.
How can you prevent these unwanted events from happening? You cannot prevent them, but you can be prepared for them.
If it’s your business, then you need to start with the end in mind. Most of us are just trying to keep our heads above water in our businesses. When we have free time, all we can think of is our families and usually our mind still wanders back to our business. Unfortunately, we do not consider the mess that we will leave our spouses and children, without a properly devised succession plan and matching personal estate plan. Without the proper legal steps in place, your unexpected passing or severe injury could place an additional legal and financial burden on your family.
What do you do if a family member becomes ill, or passes away? Do you have all of your legal ducks in a row? If not, then you will unfortunately lose your ability to concentrate on your personal and family’s emotional well-being, because you will be tied up dealing with legal issues.
Please save yourself and your family the heartache of dealing with such difficult times without you as the emotional cornerstone of your family. Give them the attention they deserve by creating a simple, yet effective estate plan (possibly a will, trust, health care power of attorney, financial power of attorney, and living will). By taking this simple step, you and your family will achieve a new peace of mind. Knowing that the future financial condition of your family is taken care of is often times the top of our minds.To make sure your estate plan is done properly, you need to make sure that your estate planning attorney works with your accountant, financial adviser and insurance agent (“Your Team”). A great team will advise you through the process and make sure that you understand each and every step. Additionally, your team will look out for your best interest.