Why Does Anybody Need an Estate Plan?

At some point during everyone’s Life, we will become vulnerable. This vulnerability could be temporary; recovery from surgery or accident, extended travel, etc. Or this vulnerability could be permanent; dementia, mental or physical disability, or death.

You may think that you don’t have much, so who cares? Here’s the thing some don’t know until it is too late: An Estate Plan only works if you have it in place before you need it. Like auto insurance, you must have it in place before the accident, or it does nothing for you. When will you need it? No one knows, so get started now. You are never too young to have a plan!

Another secret many don’t know, “estate” just means everything you own, and has little to do with wealth. If you have a body, you need a planTM!!

Have you noticed that lots of wealthy celebrities die and leave a mess for their families? A good estate plan often costs less than $5000, so why would a wealthy celebrity not get their plan done? For the very same reasons 2/3 of American adults have no written plan. Some of the decisions which need to be made may be uncomfortable. No one likes to think about their mortality. Finding someone to trust is challenging. Want to learn more about how to have a successful estate plan? Check out the little book, Ethics for Trustees 2.0.

Marguerite Lorenz, CTFA, CLPF is a Master Trustee and a Managing Partner at Lorenz Private Trustees (MyTrustee.net) and has served as a Trustee and Executor since 2003.

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