Estate Planning Myths Part Two – Don’t Wait!
Hi there, Bridget Mackay at the Law Offices of Bridget Mackay in Petaluma, California. We practice in the area of estate planning and elder law. And, in this series of video blogs I’m talking about the four myths of estate planning that seem to be holding on strong in our society.
The second myth I want to talk about is that estate planning is just to make plans for when you pass away. And the truth is, is as I said in my last blog, more prevalently today we are seeing estate planning showing up and being needed in cases of incapacity. And I don’t mean when you just get older and maybe start having some dementia symptoms or get diagnosed with Alzheimer’s or have a stroke. It also can happen when you have young children and there’s a car accident or something catastrophic occurs in young families.
An estate plan is the only document and the only vehicle that can manage your assets, take care of your children and in the case of older folks take care of the spouses and manage your care. And, it’s the only way for you to lay out how you want that to go down prior to it happening. And that’s really important. Your timing is important because obviously if you become incapacitated it’s too late to make an estate plan.
So, it’s something you have to think about now. It’s something you have to do now, and it doesn’t only protect you and your family in sort of the obvious ways of how money’s going to be spent and decisions be made but it’s a legacy you leave for your family. You have an orderly plan; you’ve put it together. You’ve thought about them before some things happened and it’s probably in my opinion one of the most strongest legacies you can leave in your life. It’s a show of love for your family and your loved ones.
So, don’t hesitate. You have something to protect and that’s you and your family. So see an experience estate planning attorney as soon as possible and get your estate plan in place.